August 5, 2019 / 9:17 AM / 20 days ago

China CDS soar to 2-month high after yuan tumble

LONDON, Aug 5 (Reuters) - The cost of insuring exposure to China’s sovereign debt soared to a two-month high on Monday after Beijing let the yuan breach the key 7-per-dollar level for the first time in over a decade, in a sign it might be ready to tolerate more currency weakness.

China 5-year credit default swaps jumped by 7 basis points (bps) from Friday’s close to 53 bps, according to data provider IHS Markit. (Reporting by Karin Strohecker; Editing by Tom Arnold)

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