China orders an urgent audit of public debt

FXstreet.com (Barcelona) - The Chinese government announced an urgent audit of all of the public debt held by local governments, according to China's National Audit Office. The move was prompted by increasing worries that the debt is out of control and could spark a financial meltdown.

The audit was orderd by the State Council, headed by Premier Li Keqiang, and made a top priority for the Audit Office, which will suspend other projects for the time being.

The world´s second biggest economy has been experiencing an alarming slowdown in growth in recent months. Chinese stocks slumped to the lowest level in three weeks following the announcement of the audit.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these securities. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Forex involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

RELATED TOPICS