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Chinese Central Bank Official Explains Why Beijing Is so Worried About Debt Restructuring

File image of the headquarter building of the People's Bank of China in Beijing. AFP

A senior official with the People’s Bank of China, the country’s central, provided new insights as to why Beijing is demanding that multilateral development banks (MDBs) also take losses on their loans to developing countries — a key sticking point that has brought debt restructuring processes in several countries to halt.

Jin Zhongxia, director general of the central bank’s international department, explained in an online seminar on Monday organized by the Finance Development Lab, a Paris-based think tank, that two factors, in particular, explain China’s reluctance to fully participate in multilateral debt relief processes:

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