The Financial Times reports thata a unit of Guosen Securities, China's eighth-largest investment bank, has defaulted on a Hong Kong-traded renminbi bond. The default represents, as the Financial Times notes, "the first debt breach by a state-owned enterprise in China’s offshore bond market in nearly two decades." The FT adds: "The technical default by Guosen's Hong Kong affiliate puts at risk a Rmb38m ($5.9m) coupon payment due April 24 on Rmb1.2bn in “dim sum” bonds sold in 2014. Missing that payment would set a precedent for the offshore units of Chinese SOEs, whose creditors widely assume the onshore parent will always stand behind its affiliates, according to analysts." For more information, read our latest forex news.