China Facing New Debt Crisis As Record Number Of LGFVs Miss Commercial Paper Debt Payments

While some are stressing out about tonight decision by Moody’s to redirect its impotence at downgrading the US (as S&P and Fitch have already done) over fears of retaliation by the Biden admin, and instead cutting the credit ratings for 10 small and midsize US banks and saying it may downgrade major banks such as […] Source