Distressed Chinese developers are finally moving forward with restructuring plans, but that’s failed to help sustain a rebound in dollar bonds from the country’s issuers. Bloomberg’s China Credit Tracker shows stress in such notes rose to 4 in February from 2 in January, which had marked the lowest reading since data compilation began in 2021. The slide toward more stress came as Chinese dollar bonds lost 1.6% last month alongside a global pullback on fresh US interest-rate worries. This month has brought volatility from the failure of several American banks.  Read more

China to Let Power Prices Turn Negative in Solar-Rich Province
Power traders in China’s Shandong province can now ask to be paid for taking electricity as the province’s growing rooftop solar capacity threatens to overwhelm the grid. The province officially set the lowest price on its spot market below zero, according to a draft rule released by Shandong Development and Reform Commission. Negative prices that encourage generators to switch off are typically seen on more advanced electricity exchanges in the US, Germany, and Australia and suggest another step forward in China’s slow march toward liberalizing its power sector. Read more