China rolls over $36bn of bail-out bonds

The Chinese government has extended the maturity of bonds used to bail out one of the country’s largest banks in an accounting move that will further delay a final reckoning for the banking crisis that hit China a decade ago.

China Construction Bank, now the world’s second-largest bank by market capitalisation, said on Tuesday the Ministry of Finance had issued an order for Rmb247bn ($36bn) worth of 10-year bonds held on the bank’s balance sheet to be rolled over for another 10 years.