China’s little Minksy moment gets bigger

Terrific stuff today from Zero Hedge on China’s little Minsky moment:

Ever since the unexpected failure of China’s Baoshang Bank in late May, which caused a freeze in the interbank market among smaller, less credible (and government backstopped) banks, and which sent rates on Negotiable Certificates of Deposit (NCDs), various bank bonds and assorted report rates sharply higher…

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