More Than a Third of Developer Debt is Not in RMB
According to a research note by JP Morgan, an average of 38 percent of debt belonging to China’s property developers has been borrowed in foreign currency, and almost all of this foreign denominated debt has been in US dollars or Hong Kong dollars.
Manufacturing ISM Moves Back Into Contraction, New Orders Decline
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The ISM manufacturing index is back in contraction after a one month
reprieve, but prices expand sharply. It's a bad mix.
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