Sanford's Werner on China's Local Debt, Banks

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June 2 (Bloomberg) -- Mike Werner, an analyst at Sanford C. Bernstein & Co., talks about debt of China's local governments and implications for the country's banking industry. China plans to shift as much as 3 trillion yuan ($463 billion) of debt off of local governments, reducing the possibility of defaults that could threaten stability, Reuters reported yesterday, citing unidentified people. Werner speaks in Hong Kong with Rishaad Salamat on Bloomberg Television's "On the Move Asia." (Source: Bloomberg)

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