Local govt can swap out of pricey debt

China's local governments can swap some of their high-interest debt for cheaper municipal bonds, Finance Minister Lou Jiwei said in a ministry statement released on Thursday, a move that may help defuse risks around the country's $3 trillion local debt pile.

No further details were given. This is the first time that a senior Chinese official has said publicly that local governments can swap their debts to temper repayment costs.