It was only a matter of time before defaults emerged in China’s self-extolled offshore bond market. The market was meant to be a proving ground for the internationalization of China’s... China City Construction International defaulted on 2.5 billion yuan of debt in recent weeks, making it the first credit event in the market for so-called dim-sum bonds—yuan-denominated bonds traded Hong Kong. The disruption that has ensued is telling.

Source: Wall Street Journal August 08, 2016 07:30 UTC