August 21, 2017 / 9:26 AM / 10 months ago

China issues guidelines on supervision of financial guarantee companies

BEIJING (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 (2.33 million pounds), 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.

Reporting by Beijing Monitoring Desk; Editing by Nick Macfie

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