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China's US$9 trillion bond market showing signs of distress

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In the past two years, China has taken steps to encourage the development of robust stock and bond markets as well as private lenders.

Shanghai

CHINESE officials cheered on the country's stock market when it reached heady new highs, offering hope that it could become a new source of money to fix China's economic problems. Then, last year, the market crashed.

Now, another fast-growing part of China's vast and

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