China's credit engine is running out of gas as debt risk goes up
As leaders signal tighter monetary policy to reduce risks and keep the yuan stable, funding levels take a hit
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Beijing
THE People's Bank of China (PBOC) faces a reckoning after revving up its credit engine for years.
Three conditions suggest traditional financing and shadow banking are due to cool: Restrictions on property markets are poised to start weighing on mortgage issuance; bond market turbulence has spurred widespread cancellation of new corporate issues; and banks face more curbs on selling wealth-management products amid a regulatory tightening.
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