It is rare to see investors and economists come together to cheer a bond default, except it seems in China.
Shanghai Chaori Solar said on Tuesday that it would not be able to pay investors the Rmb89.8m ($14.6m) interest payment owed on money it borrowed two years ago, raising the prospect of China’s first true corporate bond default.
Analysts think a default in China is inevitable and most likely imminent. Many hope it will mark a change in the country’s financial markets, helping money flow to deserving companies at the right price.
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