The most surprising thing about this week’s Moody’s report on Chinese debt is not the number it produced but rather the process by which it arrived at the estimate, writes Simon Rabinovitch.
Moody’s said on Tuesday that China’s national audit office may have understated the debt load of local governments by Rmb3,500bn ($541bn) and 50-75 per cent of this could end in default.
The stark warning has weighed on Chinese bank shares for two straight days.
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