China is panicked right now,
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Not hearing that from my contacts in China. Granted, one national was in lockdown for three weeks upon arrival ( the norm) from the US, the banker in Hong Kong doing fine, the two others carrying on. Not a major representation of the population, but these are not “ panicked”.
Are your contact in their central bank? China is pretending it's not a big deal, while knowing that it is.
They will have to undertake quantitative easing at some point to try and ward it off.
Also, wondering who owns the CDS on that worthless debt?