China’s financial bind: a familiar saga

Off book accounting, credit derivatives and fat commissions to bankers…the story of China’s present credit crunch is all too familiar. And like the crisis that blew up the rest of the world in 2008, China’s mess is having global implications for highly interconnected capital markets and the world economy. Here is a direct video link.

See a more detailed explanation of what happened here: Loan Practices of China’s Banks Raising Concern

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