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China’s ‘grey rhino’ debt risk highlighted by bond defaults

Summary:
[unable to retrieve full-text content]A series of bond defaults by state-owned firms has highlighted the “grey rhino” risks threatening China’s economic prospects, raising alarm bells about high national debt that has grown to more than three times gross domestic product (GDP).Yongcheng Coal & Electricity Holding Group, a mine operator owned by the Henan provincial government, defaulted on payment for a AAA rated 1 billion yuan (US2.2 billion) commercial paper earlier this month, rocking investor confidence and stirring concern…

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[unable to retrieve full-text content]
A series of bond defaults by state-owned firms has highlighted the “grey rhino” risks threatening China’s economic prospects, raising alarm bells about high national debt that has grown to more than three times gross domestic product (GDP).Yongcheng Coal & Electricity Holding Group, a mine operator owned by the Henan provincial government, defaulted on payment for a AAA rated 1 billion yuan (US$152.2 billion) commercial paper earlier this month, rocking investor confidence and stirring concern…

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