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Red lights flashing in China as Huarong plunge stokes market contagion fears
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April 14, 2021 â 9.22am
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For decades, itâs been an article of faith in Chinaâs credit market: Companies controlled by the central government will get bailed out if they ever run into trouble.
Now investors arenât so sure.
There are rising fears about the financial health of China Huarong Asset Management - a distressed-debt manager controlled by the countryâs finance ministry.
Credit:Bloomberg
Mounting concern about the financial health of China Huarong Asset Management - a distressed-debt manager controlled by the countryâs finance ministry - has fuelled a record tumble in the companyâs dollar bonds thatâs stoking fears of market contagion.