After three Chinese banks are bailed out, how many more are at risk?
Widespread defaults are unlikely, but risk aversion is a danger in itself
WORKING AT Hengfeng Bank, an embattled Chinese lender, requires a thick skin these days. On August 30th the bank’s Communist Party committee summoned its members, including top executives, for a self-criticism session, of the sort common in the Maoist era. “No one talked about their achievements. They talked only of their shortcomings and problems. They pointed the knife blade at themselves,” the bank reported afterwards. “Blushing and sweating, they expelled their poison.”
This article appeared in the Finance & economics section of the print edition under the headline “Expelling the poison”
Finance & economics September 7th 2019
- In Argentina, Mauricio Macri's dying government mimics its opponents
- Why yields are the best guide to future stockmarket returns
- After three Chinese banks are bailed out, how many more are at risk?
- Why Americans pay more for lunch than Britons do
- Part-time jobs help women stay in paid work
- Martin Weitzman died on August 27th
From the September 7th 2019 edition
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