Independent China Bond Ratings Appear To Be A Myth
As obvious credit events occur with little adjustment in "official" China bond ratings, will a system crash occur due to a transparency issue again?
It can be amusing watching a communist nation dive into the world of free market capitalism and make traditionally communistic mistakes. A component of free market economic systems is that information is known to all parties, which provides a trading venue legitimacy to engage in price discovery. Taking a closer look at China’s “AAA” rated bonds – of which Bloomberg says 57% look like junk . . .
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