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China's tsunami of bond defaults topped US$17 billion since November, poised to break last year's record amid tepid growth
China is hurtling toward another record year of onshore bond defaults, testing the government’s ability to keep financial markets stable as the economy slows and companies struggle to cope with unprecedented levels of debt. At least 15 defaults since the start of November have pushed this year’s total to 120.4 billion yuan (US$17.1 billion), within a hair’s breadth of the 121.9 billion yuan annual record in 2018, according to data compiled by Bloomberg. While the defaulted notes amount to a small sliver of China’s US$4.4 trillion onshore corporate bond market, they’ve fuelled concerns of potential contagion ... (full story)