– China’s Latest Spinning Plate: 10 Trillion In Local Government Debt (ZeroHedge, March 11, 2015)
China is in the midst of attempting to help local governments refinance a mountain of debt, some of which was accumulated off balance sheet via shadow banking conduits at relatively high rates. According to UBS, “Chinese domestic media are saying that the authorities are considering a Chinese “QE” with the central bank funding the purchase of RMB 10 trillion in local government debt.”
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