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China's Angang Group in debt-to-equity swap with Industrial Bank -Xinhua
April 5, 2017 / 9:53 AM / 6 months ago

China's Angang Group in debt-to-equity swap with Industrial Bank -Xinhua

SHANGHAI, April 5 (Reuters) - China’s Anshan Iron and Steel Group has signed a debt-to-equity swap agreement with Industrial Bank that covers 10 billion yuan ($1.45 billion) in total, the official Xinhua news agency said on Wednesday.

Since China’s policymakers re-launched the debt-for-equity scheme at the end of last year to ease the borrowing overhang of its struggling firms, the country’s banks have pledged to sign deals with state-owned enterprises to ease their burden. ($1 = 6.8990 Chinese yuan renminbi) (Reporting by Beijing Monitoring Desk and Engen Tham in Shanghai; Editing by Muralikumar Anantharaman)

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