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This Looks Like Another Record Year For Bond Defaults In China…
Arguably, China has spent the better part of a half decade playing Whac-A-Mole with systemic risk.
The fact that nothing has gone horribly wrong is a testament to Beijing's adeptness when it comes to juggling competing policy priorities. One particularly precarious tightrope act involves a systematic effort to squeeze leverage from a notoriously opaque shadow banking complex plagued by duration mismatch and "mind-boggling cross-holdings", as SocGen aptly described the situation in 2017.
That d
