The prospect of the first ever default in China’s rapidly expanding shadow banking sector sent shockwaves through financial markets earlier this year.
As word spread that a Rmb3bn trust product called “China Credit Equals Gold #1” was on the verge of defaulting, investors suddenly began to question the stability of China’s entire financial system.
But just days before the scheduled default, a mystery buyer bailed out the product, allowing investors to get back all the principal and most of the interest they were owed.
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