Bank of China to sell bad loan securities

Bloomberg reports Bank of China Ltd. is planning to sell bonds backed by non-performing assets, which  would give the nation’s lenders another way to remove a growing pile of bad loans from their books. The lender plans to sell 301 million yuan ($46 million) of the debt, according to a statement Thursday. The sale, which would be the first for this type of deal since 2008, is scheduled for May 26. Regulators will allow domestic banks to issue up to 50 billion yuan of such asset-backed securities. President Xi Jinping faces pressure to help banks cut the biggest pile of bad loans since 2005 as sliding corporate profits and rising defaults worsen credit strains.