Magnus Fears the Worst for China Economy as Credit Squeeze Lurks
- Says China needs a more robust exchange rate, better reforms
- Chinese stocks extended their slide Monday, dropping 5.3%
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China’s market ructions are likely masking a credit crisis and a bleak outlook for its economy, according to UBS economic adviser George Magnus.
"Beneath all of the financial turbulence there lurks, in my view, a credit crisis," Magnus told Tom Keene and Francine Lacqua on Bloomberg Television on Monday. "I fear the worst now."