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China seeing record high bond defaults in Q3 as private firms squeezed by deleveraging

China is seeing an unprecedented wave of bond defaults in the third quarter, most by companies in the private sector, despite the country's recent efforts to ease credit conditions and encourage investment in corporate bonds to support struggling private firms amid signs of slowing economic growth.

In a rare case, issuers defaulted on payment on up to five bonds with a value more than 6 billion yuan in a single day on 25th September.

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