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Debt defaults help strengthen market discipline, PBOC vice governor

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2014-03-24 GMT+8:00

BEIJING, Mar. 24 (Xinhua) – Allowing some default case to happen naturally could help strengthen market discipline, rectify the behavior of debt issuers and promote the healthy development of wealth management market, Pan Gongsheng, a vice governor of the People's Bank of China, China's central bank, said Sunday at a forum held in Shanghai.

Previously on March 4, The Shenzhen-listed solar maker Shanghai Chaori Solar Energy Science & Technology Co. announced that it has failed to fully service an 89.8 million yuan (14.7 million U.S. dollars) interest payment, widely described as China's first ever corporate bond default. (Edited by Yang Yifan yangyifan@xinhua.org)

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