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For many in the global financial industry, the embers of the US crisis of 2007-2008 still are warm, having been effectively burned into the psyche of the vast majority of global market participants. The run up to the subprime mortgage crisis as well as the cataclysm it wrought on US equity markets in rapid fashion underscore the depths of risk management, exacerbated to the scale of an entire market-wide regime.
And yet, less than a decade later, there have been potentially troubling signs of another metastasizing crisis, this time in the world’s second largest economy, China. Last summer in Chinese equity markets ... (read more)