China to launch first car loan-backed securities

Newswire

SHANGHAI, Nov 27 (Reuters) - Sino-U.S. car finance company GMAC-SAIC Automotive Finance Co and a Chinese trust firm have won approval to launch China's first securities products backed by auto loans, the country's banking regulator said on Tuesday. This is part of China's efforts to develop its fledgling asset-backed securities (ABS) market and encourage financial innovations, the Shanghai branch of the China Banking Regulatory Commission said in a statement. The ABS market, which was ...

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