Debt consolidation free

debt consolidation free, debt help, Debt management budgeting


In this article you will find information about debt consolidation free, debt help, Debt management budgeting

Debt consolidation free

Moreover, with a larger CGB market, Chinese policymakers may feel more com- fortable with a rising share of foreign holdings (Ma and McCauley, 2013 and 2014). If the foreign holding share of this expanded CGB market is also to rise from the current low 2.6 percent to 10 percent – comparable to the current foreign ownership in the JGB market (Ta- ble 6) – by 2020 potential foreign holding in the onshore CGB market would increase seven times in our base case or ten times in the case of a bold scheme to consolidate public sector liabilities: from the RMB222 billion in 2014 to more than RMB1.5 trillion in 2020 (from USD36 billion to USD260 billion) in the base case and to RMB2.3 trillion (USD413 billion) in the bold policy case. This estimated 2020 foreign holding of CGBs would rival the Neth- erlands’ entire national government bond market in 2014 (Table 7).


Notes: We assume the average annual growth rate is 10% for CGB, 12% for CDB and 12% for the total Chinese bond market. Under bold policy, the liability consolidation scheme will increase CGB outstanding by RMB8.5 trillion overnight. The RMB/USD exchange rate at the end of 2014 was 6.21 and is expected to be around 5.72 by 2020, assuming 1.5 percent appreciation per annum.

Debt help

If the offshore RMB-denominated bond market is also to expand faster thanks to a bigger and more liquid onshore CGB market (which would alleviate the concerns about the divided and diverted CGB market liquidity), the onshore and offshore CGB markets together could be mutually reinforcing, further lifting the potential scale of the investable CGBs in global investor portfolios.

Debt management budgeting

Even so, the fragmentation of the Chinese bond market and the still partially man- aged interest rates will prove an impediment to traders’ and speculators’ ability to do the hedges and swaps that are essential to a world-class currency market. Above all, while there will undoubtedly be some increase in the use of the RMB for foreign exchange reserves, continued liquidity limitations may still hamper the CGB market from becoming a global asset class that could help underpin an emerging global reserve currency for the coming quarter century.

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