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The Chinese Dominoes Are About To Fall: Complete List Of Upcoming Trust Defaults
from Zero Hedge
As has been widely reported on these pages in the past month, after a near-reality experience almost claimed the first material Chinese shadow banking default, the Chinese government and central bank did what they do best: a mysterious “white knight” emerged out of nowhere, and bailed out the Credit Equals Gold #1 Trust. A few days later, we reported that China Development Bank lent 2 billion yuan to coal company Shanxi Liansheng, which owes almost 30b yuan to lenders including banks, trusts and asset management firms. And while we know how “difficult” it was for China to do the wrong thing and encourage moral hazard, despite repeated assurances by one after another PBOC director that this time the central bank means business, we have good news: these two narrowly averted Trust defaults are just the beginning – it is all downhill from here.
Continue Reading at ZeroHedge.com…
Source: http://financialsurvivalnetwork.com/2014/02/the-chinese-dominoes-are-about-to-fall-complete-list-of-upcoming-trust-defaults/?utm_source=rss&utm_medium=rss&utm_campaign=the-chinese-dominoes-are-about-to-fall-complete-list-of-upcoming-trust-default
