Red lights flashing in China as Huarong plunge stokes market contagion fears

Red lights flashing in China as Huarong plunge stokes market contagion fears
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April 14, 2021 — 9.22am
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For decades, it’s been an article of faith in China’s credit market: Companies controlled by the central government will get bailed out if they ever run into trouble.
Now investors aren’t so sure.
There are rising fears about the financial health of China Huarong Asset Management - a distressed-debt manager controlled by the country’s finance ministry.
Credit:Bloomberg
Mounting concern about the financial health of China Huarong Asset Management - a distressed-debt manager controlled by the country’s finance ministry - has fuelled a record tumble in the company’s dollar bonds that’s stoking fears of market contagion.

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