August 21, 2017 / 9:20 AM / a year ago

China issues guidelines on supervision of financial guarantee companies

BEIJING, Aug 21 (Reuters) - China’s state council on Monday issued guidelines on supervision of financial guarantee companies.

Registered capital of financing guarantee companies should be no less than 20 million yuan ($3.00 million), the state council said in a statement on its website, adding that these firms cannot provide guarantees for their controlling shareholders.

Financial guarantee insurance provides investors in debt securities with guaranteed payment of interest and principal in the event that the issuer of the guaranteed debt is unable to meet its financial obligations. ($1 = 6.6702 Chinese yuan renminbi) (Reporting by Beijing Monitoring Desk; Editing by Nick Macfie)

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