Moody’s Sees Defaults as PBOC Warns on Local Risks

Moody’s Sees Defaults as PBOC Warns on Local Risks

Tomohiro Ohsumi/Bloomberg

A man walks past the People's Bank of China (PBOC) headquarters in Beijing. PBOC Governor Zhou Xiaochuan said in a March 13 press briefing that about one-fifth of loans to the financing arms of local governments are risky.