No meltdown seen from China firm's bond default

[SINGAPORE] It's the first of two punches, without a fatal uppercut - that's the real jab behind China's possibly first domestic bond default.

The arena is fraught with risks, analysts acknowledge, given that China is one of the largest bond markets in the world, and the market is already on edge over its sizeable shadow banking system.

But analysts also note that this default - which will not be the last this year - is a good shakedown of corporations that are fundamentally unsound but that do not pose key risks to China's growth.

This means it may not yield a domino effect, as did the…