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...The focus has sharpened since a bond default by state-backed Yongcheng Coal and Electricity in November sent shockwaves through China’s financial system....
...“The purpose of bailout funds is to send a message to the market that the government will step in when things go wrong,” said Zhang Pan, head of research at Raman Capital, a Shanghai-based asset manager....
...Yongcheng Coal did not respond to a request for comment....
...“We used to price SOE bonds based on how strong their government backing was,” said Zhang Pan, head of credit rating at a Shanghai-based bond fund....
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