Floating rate debts for less financially sophisticated companies are often predicated on Prime instead.

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There is, admittedly, a specific problem with China: freely floating the yuan would be risky so long as Chinese banks are laden with bad debts and the financial system is fragile.

ECONOMIST: Asian currencies

For one thing, it is hard to know how much companies have in fact lengthened the maturity of their debts because the interest-rate swap market allows them to swap those fixed bond payments into cheaper floating debt, a popular strategy in the investment-grade market.

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