April 10, 2019 / 7:50 AM / 13 days ago

Chinese firms signed 2 trln yuan debt-to-equity swaps by end-Feb

BEIJING, April 10 (Reuters) - Companies in China signed 2 trillion yuan ($297.92 billion) worth of market-oriented debt-to-equity swaps by the end of February, Shanghai Securities News reported on Wednesday, citing am official from the state planner.

In the next stage, the National Development and Reform Commission (NDRC) will promote debt-to-equity swaps involving state-owned companies and eliminate “zombie” firms, the newspaper quoted Chen Hongwan as saying.

The report did not specify the exact time period in which the swaps were conducted. ($1 = 6.7133 Chinese yuan renminbi) (Reporting by Lusha Zhang and Beijing Monitoring Desk; Editing by Kim Coghill)

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