China's regulators are stepping up efforts to ensure that property developers and other companies can repay the interest and principal on their offshore bonds on time, after a string of missed and late payments triggered turmoil in the bond markets, fueling concerns about a potential liquidity crunch and more defaults.
The National Development and Reform Commission (NDRC), which oversees offshore corporate bond issuance, and the State Administration of Foreign Exchange (SAFE) called companies "in certain major industries" to a meeting in Beijing to discuss their offshore bonds, according to an official statement released Tuesday.
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