1 39 MONGOLIAN STUDENTS TO STUDY IN GERMANY UNDER “PRESIDENT'S SCHOLAR - 2100” PROGRAM WWW.MONTSAME.MN PUBLISHED:2025/07/30      2 MONGOLIAN FLAG CARRIER TO START NON-STOP FLIGHTS BETWEEN SINGAPORE AND ULAANBAATAR FROM NOV 4 WWW.STRAITSTIMES.COM PUBLISHED:2025/07/30      3 WHEN CHINA SNEEZES, MONGOLIA CATCHES A COLD WWW.INTELLINEWS.COM PUBLISHED:2025/07/30      4 MONGOLIA–JAPAN INTERNATIONAL BUSINESS INNOVATION FORUM TO BE HELD ON AUGUST 18 WWW.MONTSAME.MN PUBLISHED:2025/07/30      5 GREENHOUSE PROPAGATION TECHNOLOGY FOR CONIFEROUS TREES UNDER TESTING WWW.MONTSAME.MN PUBLISHED:2025/07/30      6 DIRECT FLIGHTS FROM KOREA TO MONGOLIA'S KHUVSGUL LAUNCHED WWW.AKIPRESS.COM PUBLISHED:2025/07/30      7 8 KILLED, 41 INJURED IN ROAD ACCIDENTS IN MONGOLIA OVER NAADAM FESTIVAL WWW.XINHUANET.COM PUBLISHED:2025/07/30      8 CONSOLIDATING PARLIAMENTARY DEMOCRACY IN MONGOLIA WWW.VERFASSUNGSBLOG.DE  PUBLISHED:2025/07/29      9 MONGOLIA’S NEW CHALLENGE: ILLEGAL DRUGS WWW.THEDIPLOMAT.COM PUBLISHED:2025/07/29      10 PRESIDENT OF MONGOLIA PARTIALLY VETOES PARLIAMENTARY RESOLUTION ON THE IMPLEMENTATION OF “GOLD-3” NATIONAL CAMPAIGN WWW.MONTSAME.MN PUBLISHED:2025/07/29      ГАНГИЙН ЭРСДЛИЙН ҮНЭЛГЭЭГЭЭР ТАВАН АЙМАГ ЭРСДЭЛ ИХТЭЙ ГАРЧЭЭ WWW.MONTSAME.MN НИЙТЭЛСЭН:2025/07/30     МОНГОЛЫН КОКСЖИХ НҮҮРСНИЙ ҮНЭ ХЯТАДЫН БООМТУУДАД ДАХИН ӨСЛӨӨ WWW.ITOIM.MN НИЙТЭЛСЭН:2025/07/30     НИЙСЛЭЛД ХЭРЭГЖҮҮЛЖ БУЙ МЕГА ТӨСЛҮҮДЭД ХАМТРАН АЖИЛЛАХААР САНАЛ СОЛИЛЦЛОО WWW.ITOIM.MN НИЙТЭЛСЭН:2025/07/30     ОХУ-ЫН ШАТАХУУН ЭКСПОРТЫН ХОРИГ МОНГОЛ УЛСАД ҮЙЛЧЛЭХГҮЙ WWW.NEWS.MN НИЙТЭЛСЭН:2025/07/30     ЕРӨНХИЙ САЙДЫН АХЛАХ ЗӨВЛӨХӨӨРӨӨ Б.ДАВААДАЛАЙГ ТОМИЛЖЭЭ WWW.ITOIM.MN НИЙТЭЛСЭН:2025/07/30     НИЙТИЙН ЭЗЭМШЛИЙН 50 БАЙРШИЛД ТӨЛБӨРТЭЙ ЗОГСООЛ БАЙГУУЛЖ, ТОХИЖИЛТ ХИЙГДЭЖ БАЙНА WWW.EGUUR.MN НИЙТЭЛСЭН:2025/07/30     “MONGOLZ” БАГ УКРАИНЫ “NATUS VINCERE” БАГТАЙ БААСАН ГАРАГТ ТОГЛОНО WWW.EAGLE.MN НИЙТЭЛСЭН:2025/07/30     МӨРӨН НИСЭХ БУУДАЛ АНХ УДАА ОЛОН УЛСЫН НИСЛЭГ ХҮЛЭЭН АВЛАА WWW.MONTSAME.MN НИЙТЭЛСЭН:2025/07/29     ХОТЫН ДАРГА Х.НЯМБААТАР БЭЭЖИН ХОТЫН ДАРГА ИН ЮНТАЙ УУЛЗАВ WWW.ITOIM.MN НИЙТЭЛСЭН:2025/07/29     ЧИНГИС ХААН БАНКНЫ ӨР ТӨЛБӨРТ ХӨРӨНГӨ АВАХААР БОЛЛОО WWW.ITOIM.MN НИЙТЭЛСЭН:2025/07/29    

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MBCC “Doing Business with Mongolia seminar and Christmas Receptiom” Dec 10. 2024 London UK MBCCI London UK Goodman LLC

NEWS

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Bayer 'closes in' on $66bn deal to take over Monsanto www.bbc.com

A deal by German drugs and chemicals giant Bayer to take over US seeds company Monsanto is imminent, media reports suggest.
The takeover would follow several months of talks and is thought to value Monsanto at more than $66bn (£50bn).
According to German media, Bayer has increased its offer to $129 per share while the Reuters news agency says the deal will be announced Wednesday.
The takeover would create the world's biggest seeds and pesticides company.
Combining Bayer and Monsanto would make it the market leader in the US, Europe and Asia.
Bayer's farm business produces seeds as well as chemicals to combat weeds and insects, but it is better known for its healthcare products such as Aspirin and Alka-Seltzer.
Monsanto is primarily known for its genetically modified seeds for crops including corn, soybeans, cotton, wheat and sugar cane. Such seeds have attracted criticism from some environmental activists.

Largest cash deal ever
On 5 September, Bayer made its latest increased offer of $127.50 per share. Monsanto rejected this, but said it was engaged in "constructive negotiations" with Bayer.
The latest $66bn offer - which would be the largest cash acquisition on record - comes amid a wave of mergers in the agriculture sector.
Rivals including Dow Chemical, DuPont and Syngenta have all announced tie-ups recently, although some have yet to be cleared by regulators.
The drop in commodity prices has put pressure on companies such as Monsanto, with farmers' cutting orders for supplies.
A Bayer takeover of Monsanto is likely to draw close scrutiny from anti-trust regulators because of the sheer size of the combined company and the control it would have over the global seeds and sprays markets.
Farming groups have raised concerns that such mergers could lead to fewer choices and higher prices while opponents of genetically modified food in Europe worry about Monsanto's influence on the continent.

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Transit transport might be 2nd OT for Mongolia www.en.montsame.mn

Ulaanbaatar /MONTSAME/ The trilateral consultative meeting on the development of the economic rail corridor of Mongolia, Russia and China is taking place today (September 13) in Ulaanbaatar. An agreement on building the economic corridor was estblished by leaders of the three countries in Tashkent.
 
The authorities are holding meetings with representatives of the private companies, who wish to contribute their cooperation in building of the economic corridor. The Northern Railways, executing the construction of Erdenet-Ovoot railroad and a Russian company named “Sibur”, operating a gas fuel station at Zamyn-Uud – Erenhot border checkpoint, are attending this meeting.
 
The documents, adopted at this consultative meeting will be signed during the meeting of Ministers of Road and Transport of Mongolia, Russia and China, to be held in Ulaanbaatar on October 20, informs Yo.Manlaibayar, the adviser to the Minister of Road and Transport Development.
 
The economic corridor itself is to comprise 8 corridors, including railroad connecting Erdenet with Russian border, new railroads in western and eastern regions of Mongolia, eastern railroads to go out to the Far Eastern ports of Russia through China, and railroad network connecting Moscow and Beijing through Mongolia. In view of this, constructions of railroad connecting Erdenet and Ovoot, Bogdkhan Railroad to entwine Ulaanbaatar and Khoot-Bichigt railroad are included in the Government Action Plan for 2016-2020.
 
The side projects of the economic corridor will be an impetus to the transit transport development in Mongolia. If the amount of freight carried through transit transport reaches 80-90 tons, we would have got another Oyu Tolgoi, remarked Mr Yo.Manlaibayar and added that “Mongolia is the shortest cut for China-Russia transportations”.
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Nvidia shows off smaller artificial intelligence computer for Baidu car www.reuters.com

U.S. chipmaker Nvidia Corp (NVDA.O) showed off on Monday a smaller and more efficient artificial intelligence computer for self-driving cars, saying it would power Baidu's (BIDU.O) mapping and autonomous vehicle technology.
 
Chinese web services company Baidu will deploy Nvidia's new Drive PX 2 as its in-vehicle car computer for its self-driving system, Nvidia said in a press release as‮ ‬it‮ ‬unveiled the computer at the GPU Technology Conference in Beijing.
 
As more carmakers develop plans for self-driving technology to roll out in their vehicles in the next decade or less, Nvidia is trying to lower the barriers to entry, providing powerful computers to help automakers enter the market.
 
Earlier this month, Nvidia and Baidu announced a partnership to develop a full self-driving car architecture from the cloud to the vehicle using both companies' expertise in artificial intelligence (AI).
 
Nvidia said its new Drive PX 2 computer uses 10 watts of power and is half the size of the original version, launched in January. That solves a problem faced by carmakers incorporating self-driving technology - how to pack the punch of AI, which helps cars make decisions, into a compact computer suitable for production-ready vehicles.
 
Configured with a single processor, the Drive PX 2 fuses incoming data from sensors and uses deep neural networks to produce a complex picture of objects around a vehicle.
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Russia ready for ruble bonds as domestic currency finds groove www.rt.com

Moscow is considering its first ruble-denominated bond sale since 2014 with investors seeing signs of the currency stabilizing in an era of sanctions and cheap oil.
 
“We are looking at it and have been talking to issuers since the middle of this year. Investors think the ruble has more or less stabilized at the current level and are eagerly buying,” Andrey Solovyev, global head of debt capital markets at VTB Capital in London told Bloomberg.
 
According to him, the companies that will issue ruble Eurobonds may be Russian state-run or privately-owned blue chips.
 
Since April, the ruble has held firm against hard currencies. The Russian currency has been trading from 63 to 67 against the dollar and 71 to 75 against the euro.
 
The Central Bank free-floated the ruble in November 2014, which was followed by a currency collapse peaking in December of that year, when it fell to 80 against the dollar and 100 against the euro.
 
As of June, foreigners owned a record 1.35 trillion rubles ($21 billion) in local-currency bonds known as OFZs, or 25 percent of the overall amount, the Central Bank reported this month. The news helped 10-year government yields surge to eight percent, a level last seen since Western sanctions were imposed over the conflict in Ukraine.
 
“The risk appetite for Russian credit has returned to levels we haven’t seen in a long time. Yields are back to early 2014 levels,” Blazej Dankowski, director and head of Russia and Kazakhstan debt capital markets at Citigroup in London told the media.
 
Foreign investors are seeking a haven in highly-profitable Russian bonds as the negative yield on developed countries’ debt market has accumulated $9 trillion.
 
Companies selling ruble bonds in the country have raised 4.4 billion rubles on average for debt maturing in less than six years. Ten-year Eurobonds will help them raise 20 billion rubles, according to Sberbank CIB analysts.
 
 
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Study: big corporations dominate list of world's top economic entities www.theguardian.com

The world’s biggest corporations have increased their wealth compared with nation states in the last year, illustrating the growing power of multinational businesses.
 
A study by the anti-poverty charity Global Justice Now found that the number of businesses in the top 100 economic entities jumped to 69 in 2015 from 63 in the previous year.
 
While many emerging market economies have struggled to grow in the last couple of years, mainly as a result of China’s slowdown, many of the world’s largest corporations have increased in size.
 
The London-based campaign group said the 10 biggest corporations – including Walmart, Apple and Shell – make more money than most countries in the world combined.
 
The charity blamed governments for bowing to pressure from multinational firms to promote business-friendly tax regimes above the needs of their citizens.
 
An assessment of the top 200 entities found that many smaller countries were squeezed out, leaving 153 corporations above many nations from Africa, Asia and South America.
 
The US, China, Germany, Japan, France and the UK make up the top six economic entities followed by Italy, Brazil and Canada.
 
Walmart ranks as the 10th largest, followed by China’s electricity monopoly State Grid at number 14, China National Petroleum at 15 and Chinese oil firm Sinopec Group at 16. Apple ranked 26th behind the 18th-placed Royal Dutch Shell, with Exxon Mobil at 21, Volkswagen at 22 and Toyota at 23.
 
The value of the top 10 corporations was $285tn (£215tn), beating the $280tn worth of the bottom 180 countries, which include Ireland, Indonesia, Israel, Colombia, Greece, South Africa, Iraq and Vietnam.
 
Nick Dearden, the charity’s director, said: “The vast wealth and power of corporations is at the heart of so many of the world’s problems – like inequality and climate change.
 
“The drive for short-term profits today seems to trump basic human rights for millions of people on the planet. These figures show the problem is getting worse.”
 
Global Justice Now said it released the figures to increase pressure on the British government ahead of a UN working group, led by Ecuador, that aims to draw up a binding treaty “to ensure transnational corporations abide by the full range of human rights responsibilities”.
 
Campaigners said they are calling for the treaty to be legally enforceable at a national and global level. The charity has criticised Britain for refusing to support the process.
 
Dearden said: “The UK government has facilitated this rise in corporate power through tax structures, trade deals and even aid programmes that help big business.
 
“Their wholehearted support for the US-EU trade deal TTIP, is just the latest example of government help to big business. Disgracefully, it also routinely opposes the call of developing countries to hold corporations to account for their human rights impacts at the UN.”
 
 
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Barrick Gold, Cisco push mining into digital era starting with Cortez mine www.mining.com

Canada's Barrick Gold (TSX, NYSE:ABX), the world's most valuable producer of the precious metal, has signed a deal with Cisco Systems Inc. for a “digital reinvention” of its global mining operations, which is set to begin with the Cortez mine in Nevada.
 
The plan is to apply the latest technology available to cut costs and bring additional value out of existing operations, Barrick said in a statement.
 
The company cited as an example how the flow of real-time data could help predict when equipment is likely to need maintenance. The new applications should also help Barrick adjust mine plans to changing conditions such as prices, weather or ore grades change almost immediately.
 
The partnership will increase cash flow over the long term while reducing environmental impact and increasing transparency with governments and communities, Barrick executive chairman, John Thornton, said in the statement.
 
“We mean to create value and push the boundaries of our industry in entirely new ways,” he said.
 
In Cortez mine, in particular, Barrick and Cisco will work on automating equipment for increased productivity, while predictive algorithms will enhance the precision and speed of maintenance and metallurgy. The goal at the Nevada mine is to redefine best-in-class mining, the company said.
 
Building on the Cortez mine digitization experience, Cisco will support Barrick as it transforms its entire business over time-bringing digital technology to all of its mines as well as to its head office.
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HP buys Samsung's $1bn printer business www.bbc.com

US computer giant HP has struck a deal to take over Samsung's $1bn (£750m) printer business.
HP said the acquisition would help it to "disrupt and reinvent" the $55bn copier industry, a segment that "hasn't innovated in decades".
It is buying a big printing presence in Asia, as well as Samsung's laser printing technology and patents.
The deal comes days after HP's sister company sold its software business to rising UK tech champion Micro Focus.
Hewlett-Packard split into two businesses last year: HP Inc, which focuses on printers and computers; and Hewlett Packard Enterprise, which sold its software business to focus on data storage.
"When we became a separate company just 10 months ago, it enabled us to become nimble and focus on accelerating growth and reinventing industries," said Dion Weisler, chief executive of HP Inc.
HP Inc said: "Copiers are outdated, complicated machines with dozens of replaceable parts requiring inefficient service and maintenance agreements."
It added that customers were frequently frustrated with broken copiers and the deal would help HP invest in better technology.
Samsung's printer business made $1.4bn in revenue last year and includes more than 6,500 printing patents as well as nearly 1,300 staff with expertise in laser printer technology.
Meanwhile, shares in Samsung fell 9% after it urged customers to hand in Galaxy Note 7 phones as they risk exploding.
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Investors Flee Heavily Indebted Mongolia www.wsj.com

There is nary a corner on Earth where investors won’t journey to find extra yield. But the trip to Mongolia is proving treacherous.

Money managers piled into assets from the world’s most sparsely populated country in past years on the prospects of vast untapped mines rich with copper and gold. Mongolian debt got an additional boost this year, soaring 6% in July, as raw-material prices picked up and investors sought alternatives to low and even negative bond yields in developed countries.

But in August, Mongolia’s finance minister stunned global investors by saying that its government debt would reach 78% of the gross domestic product, far above the country’s 55% target. The revelation triggered a selloff in Mongolia’s markets, with the country’s dollar-denominated debt tumbling 7.7% last month and the nation’s currency falling the most among all its developing-economy peers, before rebounding slightly this month.

“Until recently, Mongolia was a darling of the markets and they couldn’t do anything wrong,” said Bejoy Das Gupta, chief economist for Asia/Pacific at the Institute of International Finance. “But when the hard landing happens, markets adjust very quickly.”

Mongolia is among a handful of countries with once-bright futures that took on massive debt loads during a period of investor enthusiasm for frontier markets. In 2011, the nation was the world’s fastest-growing economy, expanding at a 17% rate as prices of copper, gold and iron ore soared.

Foreign lenders handed over billions of dollars to the government, its banks and mining companies to help extract wealth from underground. Among the bonds’ holders are BlackRock Inc., Franklin Templeton, Goldman Sachs Group Inc. and UBS Global Asset Management, according to the latest holder data from Thomson Reuters. Mongolia’s debt levels swelled 264% in the five years ended 2015, the largest increase in the world during that period, according to Moody’s Investors Service.

But the commodities bust that began in 2011 crimped the country’s growth. Now, the prospect of higher U.S. interest rates, which could make bonds in developing economies less attractive, could worsen a troubled situation.

As of the first quarter, Mongolia’s total debt owed to foreign creditors stood at $22.6 billion, compared with a still tiny $11.8 billion economy. Meanwhile, a $580 million Mongolian bond taken on to help finance a still-unfinished project to connect 21 provinces with roads comes due in 2017, part of $2 billion in maturing public- and private-sector debt in 2017, according to the International Monetary Fund.

Investors are pinning hopes on a vast gold and copper mine that is expected to lead to massive economic growth. In December 2015, the government approved a $4.4 billion financing deal for Rio Tinto PLC’s second phase of the Oyu Tolgoi copper and gold mine, believed to be the world’s largest underdeveloped reserve of copper, concluding a four-year-long negotiation. But delays in the projects have been costly: During the wait, copper prices more than halved.

ENLARGE
As the country’s current financial woes deepened, the government resorted to emergency measures. In August, the government said it may soon stop paying its civil servants and the military and raised interest rates by 4.5 percentage points to combat capital outflows.

Moody’s also lowered Mongolia’s sovereign credit rating, sending it further into junk status. Standard & Poor’s made a similar move.

If Mongolia turns to the International Monetary Fund for help, that could prop up investor confidence that it will be able to pay its debt, said Kevin Daly, a portfolio manager at Aberdeen Asset Management, with $9 billion in emerging-market debt under management, including Mongolian bonds. The IMF visited the country in August.

The selloff in Mongolia contrasts with the broad rally in emerging markets. Nearly $80 billion went into emerging markets during the first eight months of this year, the Institute of International Finance said. Emerging-market dollar-denominated debt returned 14.7% this year through August.

But if the Federal Reserve raises interest rates, reducing liquidity in the global financial system, countries that rely on a single commodity or struggle with economic data transparency “represent the first level of risks,” said Jim Barrineau, co-head of emerging markets debt at Schroder Investment Management Ltd., which has £343.8 billion ($456.19 billion) of assets under management.

Copper made up 49% of Mongolia’s exports in 2015, according to the United Nations International Trade Statistics Yearbook.

“Given overall market conditions and the assumptions around the IMF, I think perhaps the investors would continue to give them the benefit of the doubt,” said Kathryn Exum, a sovereign analyst at Gramercy Funds Management LLC. “But from an overall fundamental perspective, it’s too expensive. Mongolia and some of the weaker credits will sell off much more significantly if a hawkish Fed returns.”

Write to Carolyn Cui at carolyn.cui@wsj.com and Julie Wernau at Julie.Wernau@wsj.com

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Hanjin ship unloads in U.S., trucks expected to take containers www.reuters.com

A ship of bankrupt Hanjin Shipping Co Ltd (117930.KS) is finishing unloading in California and expected to leave port on Monday, and truckers expect to pick up cargo soon, shipping industry officials said, in a good sign for importers.
 
The Hanjin Greece docked in Long Beach on Saturday after a U.S. bankruptcy court granted it protection and terminal operators agreed to take it.
 
However, the Greece carries only a fraction of the $14 billion in goods on dozens of ships owned or leased by the world's seventh-largest container carrier, which filed for receivership in a Seoul court on Sept. 4.
 
The collapse of Hanjin under debts of $5.5 billion has caused havoc in global trade networks and a surge in freight rates. Some vessels have also been seized.
 
It is not clear when port operators will bring others to berths in Southern California and elsewhere. The U.S. court on Friday gave three other Hanjin ships protection from seizure, and one has been waiting near the Long Beach port since. Two others are in the Pacific Ocean.
 
The delays have concerned importers like Alex Rasheed, president of Pacific Textile and Sourcing Inc in Los Angeles, which has a shipment of clothing in 16 containers on Hanjin ships off Long Beach.
 
"We're already starting to run out of some colors and some sizes," Rasheed said, noting Hanjin's collapse comes as U.S. retailers prepare for the all-important holiday shopping season.
 
Truck drivers probably will begin moving containers from the Greece on Monday while the vessel prepares to leave late in the day for the Port of Oakland, said Teamsters spokeswoman Barbara Maynard and shipping traffic controllers.
 
With prospects for other Hanjin ships unclear, Robert Krieger, president of Carson, California-based customs broker and freight forwarder Krieger Worldwide, is looking for alternatives to bring containers now on Hanjin ships in Asia across the Pacific.
 
"We've already planned for the contingency for Hanjin saying, 'Here are your containers, come get them,'" said Krieger.
 
The three other Hanjin ships protected by the U.S. court order are the Hanjin Boston, which remained off the Port of Long Beach awaiting orders on Sunday, and the Hanjin Gdynia, which was several hundred miles away from Long Beach, and the Hanjin Jungil, 310 nautical miles west of San Francisco with its destination listed as Long Beach, according to Marine Exchanges on the west coast that coordinate shipping traffic.
 
Another Hanjin ship off Long Beach, the Hanjin Montevideo, is under the supervision of a court-ordered custodian after two fuel companies obtained an arrest warrant for it over unpaid bills. Hanjin and the fuel providers are trying to work out an arrangement to release the vessel.
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Moody's: Chinese RLGs' economic and financial position will continue to improve for the rest of 2016 www.moodys.com

Sydney, September 12, 2016 -- Moody's Investors Service says that the economic and fiscal position of regional and local governments (RLGs) in China (Aa3 negative) improved in H1 2016.
 
"We expect this positive trend to continue for the rest of 2016, as monetary and fiscal stimulus continue to support growth," says Nicholas Zhu, a Moody's Vice President and Senior Analyst.
 
"However, we note that the RLGs' economic and fiscal positions vary widely, with provinces heavily exposed to excess-capacity industries such as coal, steel and basic manufacturing lagging behind," adds Zhu.
 
Moody's analysis is contained in its just-released report titled "Regional and Local Governments — China: Debt and Finances Snapshot."
 
The report says that monetary and fiscal stimulus led to GDP during H1 2016 growing at a faster pace for nine provinces versus seven in 2015.
 
Debt and equity financing grew at a faster pace in 13 provinces, and growth in industrial production accelerated in 12 provinces, while growth in fixed-asset investment increased in nine provinces.
 
Moody's notes that while the growth supported by policy stimulus might seem to minimize risks in the short run, it is likely to leave unaddressed the deep imbalances evident across regional economies, thereby increasing long-term adjustment costs.
 
As for fiscal revenues, in H1 2016, the RLGs' tax and non-tax revenues rose by 11% compared with a year earlier. Land sales — another major source of revenues — increased by 10%. These revenues will continue rising in upcoming quarters, because of the continued stabilization of the Chinese economy and real estate market.
 
On the real estate market in particular, Moody's report says this sector will continue to stabilize in many provinces. During H1 2016, 22 provinces reported increases in new residential and commercial real estate construction starts on a year-on-year basis. The price of land continued to rise in most large cities, especially with respect to land for residential properties. And, the price of newly developed residential properties continued to rise, although the increase was slower in first-tier cities (Beijing, Shanghai, Guangzhou and Shenzhen).
 
Moody's believes further restrictive policies such as raising the down payments for mortgages in cities with strong price growth is likely. Nevertheless, policies in lower-tier cities with high inventory pressure will remain broadly supportive.
 
On RLG bond issuance, Moody's report says such issuance has been robust, with the monthly RLG bond issuance in April 2016 registering the highest ever level, at RMB1.06 trillion ($163 billion). In H1 2016, three quarters of total issuance took place as part of a debt-for-bond swap program sponsored by the Ministry of Finance. The program will likely cut the rate that RLGs pay on their debt by four to five percentage points on average.
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