I’m talking about local Chinese authorities not central govt. They have their own debt crises going on and it’s extremely related to property price crashes. I think they basically borrowed a ton of money to build developments where no one wants to live or something
I’m talking about local Chinese authorities not central govt. They have their own debt crises going on and it’s extremely related to property price crashes. I think they basically borrowed a ton of money to build developments where no one wants to live or something
Ah i thought the dollars were held at local govt too my bad