Evergrande’s troubles show China is just as susceptible to capitalism’s ill effects

For much of this year commentators have been warning that falling yields suggest the bond market is increasingly irrational, out of touch with a rapid global recovery and misled by heavy central bank buying or the ebbs and flows of the pandemic. Now, events in China suggest the bond markets are far from clueless or crazy.

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The world’s most indebted real estate developer, Evergrande, is on the verge of default.
The world’s most indebted real estate developer, Evergrande, is on the verge of default. (Foto: Jade Gao/AFP/NTB)