The global spotlight is focused sharply on China right now. While the fallout from Evergrande’s looming credit event will be widely felt across global financial markets in the coming months, there is a bigger question confronting investors: what’s the future of China’s fixed income market?
Evergrande is not the first case of a debt debacle in China; earlier this year, China Huarong, a state-owned enterprise, needed a government bailout after a near-US$16 billion loss.1 However, the difference with Evergrande is twofold: first, it is more entrenched in the Chinese economy; and second, it is less likely to get direct government support. READ MORE
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