Bahamas and China sign agreement
The Bahamas government says China has agreed in principle to allow the CARICOM member to be a country where debts involving international parties can be settled.
An official statement was issued following talks between Prime Minister Perry Christie and Chinese President Xi Jinping in Beijing yesterday.
It quoted the Chinese leader as announcing an agreement that would allow the trading of Residential Mortgage-Backed Security instruments to take place in The Bahamas.
The instrument is a type of mortgage-backed debt obligation whose cash flows come from residential debt, such as mortgages, home-equity loans and subprime mortgages.
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