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1.Market Observations, 8.Was Sticky

29 June 2018 (AFR) – Chinese government-backed think tank warns of ‘financial panic’ in leaked note

(29 June 2018, AFR, p15, by Jun Luo, Miao Han and Tian Chen)

‘A leaked report from a Chinese government-backed think tank has warned of a potential “financial panic” in the world’s second-largest economy, a sign that some members of the nation’s policy elite are growing concerned as market turbulence and trade tensions increase. Bond defaults, liquidity shortages and the recent plunge in financial markets pose particular dangers at a time of rising US interest rates and a trade spat with Washington, according to a study by the National Institution for Finance & Development that was seen by Bloomberg News and confirmed by a NIFD official. The think tank warned that leveraged purchases of shares have reached levels last seen in 2015 – when a market crash erased $US5 trillion of value.’

Read more at AFR.com (might need AFR login access, or try: AFR.com/trial)

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