China’s Achilles heel lies with property companies

Heavy issuance of dollar debt could be exposed if currency rises further. As real US interest rates and the dollar have risen, investors have been pulling money from emerging markets. There has been about $10bn of outflows from EM debt and shares over the past six weeks, according to analysts at Bank of America Merrill Lynch. Portfolio managers are detecting vulnerabilities … https://on.ft.com/2MocoaD

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