China’s cash squeeze has worsened despite the central bank’s repeated attempts to calm markets with emergency money injections, throwing a harsh spotlight on rising risks in the second-biggest economy.
While still growing at nearly 8 per cent a year, China, facing its second cash crunch of the year, is increasingly laden with debt.
The government has embarked on reforms that could be bitter medicine for an economy that has become too reliant on cheap capital. The repeated bouts of extreme stress in China’s money markets are signs that debt deleveraging has begun, but also that the process is set to be painful.
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