The $9 trillion of Chinese local government bonds that helped drag the rest of the world out of the 2008 financial crisis are a growing risk this time around.
China’s Murky Debt Corner Faces Funding Squeeze (Bloomberg) — The $9 trillion of Chinese local government bonds that helped drag the rest of the world out of the 2008 financial crisis are a growing risk this time around. The bonds funded an economic boom in China more than a decade …