China’s Riskiest Banks Have Run Into Trouble. Why That Matters in the U.S.

China’s long-running debt problems reached a tipping point this year, crippling numerous small lenders and raising concerns about a systemic liquidity crunch.

The lack of confidence resulted in multiple rural bank runs. Worse still, the estimated trillions of dollars of debt across the country is likely to be larger than is measurable, due to years of so-called “shadow banking”—unregulated, off-the-books lending.

Tanner Brown | Barrons

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