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Chinese state-owned miner Yongcheng misses bond payments again

Central government convenes weekend meeting to call for stability

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."

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