Market Jitters as Bonds Edge toward Toxic

(Beijing) – What may have been the first bond trading halt by a central government-run company has fanned investor fears and forced financial regulators to rethink their supervisory framework.

China Railway Materials Co. (CRM), the nation's largest supplier of railroad construction wares such as iron rails, stunned the interbank bond market on April 10 by indefinitely suspending trades for all of its 16.8 billion yuan worth of bonds.