HONG KONG -- Yongcheng Coal and Electricity Holding Group, a state-owned miner in Henan Province, failed to repay the principal and the interest due Monday on two closely watched bonds, in the latest sign of trouble in China's fixed-income market.
The company, which had defaulted on a debt obligation two weeks ago, missed its latest payment after Vice Premier Liu He called a meeting of Financial Stability and Development Committee in Beijing on Saturday. The state-owned Xinhua reported on Sunday that the gathering called to "safeguard the stability of the bond market."
