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Recent Chinese bond defaults suggest more to come

But domestic ratings agencies, investors still betting that Beijing will lose its nerve, for fear of hammering its banks

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A factory of Shanshui Cement is seen in production in Liaocheng, Shandong province, Apr 1, 2004.

Shanghai

CHINA looks set to allow more bond defaults as part of its market reform agenda, but domestic ratings agencies and bond investors are still betting that Beijing will lose its nerve, for fear of hammering its banks.

Critics say the US$4 trillion Chinese bond market, the

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