Beijing's clampdown on leverage costing China markets billions

Hong Kong

HOW much pain can Chinese leaders stomach? It's becoming a key question for investors as the government's stepped-up campaign to rein in financial leverage ripples through markets.

The clampdown has erased at least US$453 billion from the value of Chinese stocks and bonds since mid-April, spurred US$21 billion of cancelled debt sales and compelled the People's Bank of China (PBOC) to inject US$48 billion into jittery money markets.