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Chinese brokerage inks agreements to settle bond dispute

Chinese brokerage Sealand Securities entered separate agreements with seven counterparties in an attempt to resolve the scandal involving unauthorized bond deals, Reuters reported Dec. 27, citing the company's filing with the Shenzhen stock exchange.

The company said it is operating normally and that liquidity risks are under control.

The announcement came after the company said it reached a consensus with counterparties to share potential losses stemming from the "forged" bond agreements amounting to more than 16.5 billion yuan.

The company defaulted on a bond transaction with Bank of Langfang Co. Ltd. following the drop in bond prices. Liquidity in the market squeezed after media reported the scandal, sparking volatility and decline in investor confidence.

As of Dec. 27, US$1 was equivalent to 6.95 Chinese yuan.