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China sovereign CDS at one-week high after Hong Kong move

LONDON, May 22 (Reuters) – The cost of insuring debt issued by China rose to a one-week high on Friday, reflecting worries that Beijing’s move to impose a new security law on Hong Kong will increase tensions with the United States.

Five-year credit default swaps for China reached 52 basis points, up 4 bps from Thursday’s close, data from IHS Markit showed.

The cost of CDS for Russia, South Africa and Turkey also jumped by between 5 and 14 basis points, the data showed. (Reporting by Tom Arnold; Editing by Catherine Evans)

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