In an attempt to revive the Chinese economy, the People's Bank of China clipped interest rates for the sixth time since November as well as reduced its reserve-requirement ratio for banks. The country's benchmark lending and deposit rate was cut 25 basis points, while its reserve-requirement ratio for banks dropped 0.5 basis points.
Hong Kong And Taiwan Companies Will Need More Due Diligence Into Business Partners.
Amid the high profile interest payment default by a property developer, global ,expecially china trade credit insurer Euler Hermes warns of heightened insolvency risk and deteriorating payment terms in China. In 2015, Euler Hermes Economic Research expects the number of Chinese companies filing for bankruptcy to grow +5% (representing an estimate total of 2,760 cases) as liquidity tightens due to the crackdown on shadow banking, overcapacity in the real estate sector and greater fiscal discipline by local governments.
However, because of the complex and costly procedures involved, insolvency cases in Chinese courts are still relatively rare in absolute terms. Euler Hermes notes that an increasing number of Chinese companies lacking access to bank financing must look for alternatives, with a growing number choosing to delay payments to suppliers or asking for extended credit terms to their business partners.
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