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Issues to ask the Wolf Financial Times

 Get 30 Day Free Amazon Prime - https://amzn.to/3RuJI3h Add to that the fact that global banks are distressed (link1), and this cannot be good. Among large economies, China is the most exposed with average book/market of well below 50%. But, instead of giving space, Beijing is adding further stresses (link2). Parsing the data, it would appear China is once again using its banks to bail out non-bank enterprises. Total nonbank repo borrowing has risen from 6 trillion yuan in 2015 (last real estate crisis) to 157 trillion yuan today (26x), while repo borrowing by small/medium banks has actually declined [WSJ]. GDP has not even doubled since 2015 ($11 tr to $18 tr). It would seem reasonable to argue that China's debt is being financed through rolling short term debt. As S&P Global (link3) reports, "Efforts to roll over maturing debt while cutting funding costs have resulted in ever shorter maturities amid stubbornly expanding debt levels. Over the past five years, the sector...
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