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How exposed are holders of Chinese debt?

March was a bad month for the Chinese bond market. First, Shanghai Chaori Solar became the first onshore bond default. Then, Xuzhou Zhongsen Tonghao New Board, a building materials producer, reportedly missed payment on its privately placed high-yield bonds. This has raised concerns over the credit quality of small-to-medium size issuers in China, especially as many yield-chasing investors have snapped up offshore Chinese bonds in the last few years.

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