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Emerging Markets

X-Rated: The Dirty World of Chinese Debt

China's ratings agencies are plumbing new depths. Investors are complaining loudly that the ratings given to companies issuing short term debt often have very little correlation with the issuer's ability to repay. In addition, foreign ratings agencies talk of collusion between a cartel of domestic agencies and a government determined to keep them in the dark. Elliot Wilson reports on the very murky world of Chinese debt.

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