China's onshore bond market has seen its first default, with Shanghai Chaori Solar Energy Science & Technology failing to make an 89.8 million yuan (HK$113.7 million) interest payment which was due yesterday. Photo: EPA

Echoes of US subprime seen in China debt ratings

Market warned that competition among China's rating agencies is leading to a fall in standards

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China's onshore bond market has seen its first default, with Shanghai Chaori Solar Energy Science & Technology failing to make an 89.8 million yuan (HK$113.7 million) interest payment which was due yesterday. Photo: EPA
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