Shuli Ren, Columnist

Of Minsky Moments and Creaky Vehicles

The PBOC chief's warning looks timely in one corner of the bond market.

October 23, 2017 at 8:00 PM UTC

Shuli Ren is a Bloomberg Opinion columnist covering Asian markets. A former investment banker, she was a markets reporter for Barron’s. She is a CFA charterholder.

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Speaking of Minsky Moments, People's Bank of China Governor Zhou Xiaochuan is engaged in a tug of war with investors on how to price off-balance-sheet bonds issued by local governments.

Offshore dollar bonds are on fire this year. Chinese issuers have already raised a record $122 billion, and the Ministry of Finance will soon price its first offering in the currency since 2004. Curiously, local-government funding vehicles are missing.