President Xi Jinping is widely regarded as communist China’s most powerful leader since Mao Zedong, its revolutionary founding father. But can he tame the country’s bond market?
Now worth more than $15tn, China’s bond market is the second largest in the world, about one-third the size of its US equivalent. Over recent weeks, it has demonstrated an ability to embarrass its communist masters.
Just weeks after FTSE Russell, one of the world’s most important bond index managers, announced plans to include Chinese debt beginning next year, a spate of defaults shed embarrassing light on the immaturity and weaknesses of China’s bond market.
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