China banks' roll over local government debt: report

China’s banks have rescheduled at least three quarters of loans made to the country’s local governments that were due to be repaid by the end of last year, according to Financial Times calculations from official data.

The paper said banks had rolled over an estimated 3 trillion yuan (US$482 billion), or even more, of 4 trillion yuan in loans and interest that had fallen due for repayment by the end of last year.

via Business feed http://www.scmp.com/business/banking-finance/article/1139147/china-banks-roll-over-local-government-debt-report