Get Ready Taxpayers – It Is Going To Crumble And This Time There’s A Lot More Zero’s On The End!
September 10th, 2013
Record $175 Billion Due Makes Banks Worst Losers
Banks are leading losses in China’s bond market this quarter as investors brace for a record $175 billion in debt due in 2014 and Standard & Poor’s warns that bad loans will escalate.
Notes issued by financial companies including China Construction Bank Corp. have lost 2.7 percent since the end of June, the most among the sectors tracked by Bank of America Merrill Lynch’s China Broad Market Index. The overall gauge slipped 1.8 percent, more than the 0.1 percent drop for industry securities globally. China’s banks have 1.07 trillion ($175 billion) of bonds maturing in 2014, up from 970 billion yuan this year, according to Citigroup Inc.