China temporarily suspends corporate bond sales

China’s National Development and Reform Commission has temporarily suspended the sale of corporate bonds, Bloomberg reported. The suspension comes amid a crackdown on corruption and irregularities in the bond market, and it is unclear how long it will last. Corporate bonds have raised over US$100bn this year, but have come under increased scrutiny after a string of financial irregularities in bank lending, trust financing and bond issuance was exposed this year. Listed companies in China can still service their debts in a separate corporate bond market which falls under the jurisdiction of the China Securities Regulatory Commission.