SHANGHAI - China's central bank published draft rules on Friday that will cap short-term borrowing by securities firms to promote healthy development of the country's money market. Outstanding short-term borrowing, including bonds with maturity of no more than 12 months, and other short-term debt instruments, must not exceed 60% of a brokerage's net capital, the People's Bank of China (PBOC) said in draft rules posted on its website for public consultation. Brokerages eligible to sell short-term bonds must have above-average liquidity coverage ratios, according to the rules. China broadened securities firms' financing channels in 2004 but the changes in brokerages' business model and China's funding environment require rule revisions with a focus on liquidity management, PBOC said. REUTERS
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