China’s $4tn corporate bond market is ticking ominously. Last year set a new record for defaults. This year the figure is likely to be higher still. Beijing wants to reform the market, reducing leverage at the same time. This perilous situation is set to worsen before it gets better.
manbetx3.0 规模达4万亿美元的公司债券市场正在出现不祥迹象。去年该市场创下违约纪录。今年的违约数字很可能还会更高。北京方面希望在改革市场的同时降低杠杆。这种危险局面在好转之前将会变得更糟。
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