Yi Gang, governor of the People's Bank of China, speaks during the Lujiazui Forum in Shanghai on June 14. Photo: Bloomberg
Nicholas Spiro
Opinion

Opinion

Macroscope by Nicholas Spiro

Fall in emerging market junk bonds and domestic defaults spur China to action

Nicholas Spiro says the severe decline in emerging markets’ high-yield bonds so far in 2018 has two real, if seemingly contrary, benefits: it has given investors a more accurate assessment of these bonds’ real value, and it has prompted China’s government to enact stimulus measures – meaning Asian junk bonds are now on the rise

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Yi Gang, governor of the People's Bank of China, speaks during the Lujiazui Forum in Shanghai on June 14. Photo: Bloomberg
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