March 18, 2019 / 9:16 AM / 3 months ago

"Grey rhino" risks in China's financial sector rising - official

BEIJING, March 18 (Reuters) - The “grey rhino” risks in China’s financial sector are rising, the head of the People’s Bank of China’s financial stability department wrote on Monday, according to a central bank publication.

Risks in local government hidden debt, bond defaults and property market could trigger financial risks, Wang Jingwu wrote in China Finance.

Chinese policymakers have warned of potential “grey rhino” events - highly obvious yet ignored threats - as the nation faces increasing uncertainties in the global economy and financial markets.

The government will step up monitoring of stock, bond and foreign exchange markets, Wang said. (Reporting by Kevin Yao and Beijing Monitoring Desk; Editing by Richard Borsuk)

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