China CDS hit highest in more than five years – S&P Global Market Intelligence

china-cds-hit-highest-in-more-than-five-years-–-s&p-global-market-intelligence

China CDS hit highest in more than five years - S&P Global Market Intelligence © Reuters. FILE PHOTO: A China yuan note is seen in this illustration photo May 31, 2017. REUTERS/Thomas White/Illustration/File Photo

LONDON (Reuters) – The cost of insuring exposure to China’s sovereign debt rose to the highest level since January 2017 on Tuesday, data from S&P Global (NYSE:) Market Intelligence showed.

China’s five-year credit defaults swaps added 5 basis points (bps) from Monday’s close to hit 112 bps, the data showed. China CDS started the year at 40 bps.

With the exception of its deeply indebted property sector, which has also been the target of a policy crackdown, China’s external debt levels are contained.

However, Prolonged COVID-19 lockdowns and long-running disputes over technology with the United States have weighed heavily on domestic consumption and growth.

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