Record Downgrades Foreshadow First Onshore Default

Record Downgrades Foreshadow First Onshore Default

Tomohiro Ohsumi/Bloomberg

A man takes a photograph of buildings in the Bund area as they stand illuminated at night in Shanghai. Chinese regulators reined in money supply in June in an effort to force investors to shift funds out of shadow banking, which allows lenders to bypass controls and capital requirements.