The ANZ commodity team has a note out this morning suggesting that recent defaults by the Chinese in the bulk commodity space is nothing to be worried about.
The note contains some interesting detail and is worth a quick read.
However, the note also argues that the recent weakness is not some harbinger of doom for Chinese growth. Why it is even necessary to fight this bogey I don’t know but I’m not terribly reassured when a forecasting team shifts from a position that “nothing is wrong” to “it’s not the end of the world”. There’s quite a lot of space in between.
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