Shock waves in markets as Chinese firms default on record debts
India
Published: Monday, December 14, 2020, 10:36 [IST]
New Delhi, Dec 14: The Chinese state owned companies have defaulted on their debts and the state firms have defaulted on a record 6.1 billion USD worth of bonds between January and October according to Fitch Ratings.
This development has sent shock waves in the debt market. The non-payment of debt payments is only getting worse and a slew of major companies such as BMW's Chinese partner, Brilliance Auto Group, Tsinghua Unigroup, and Yongcheng Coal and Electricity declared bankruptcy or defaulted on their loans in November.