China Turmoil Spooks Asian Credit Markets Most Since 2008: Chart

Asia bondholders haven’t been this spooked since the global financial crisis.

The cost of insuring Asian corporate and sovereign bonds with credit-default swaps jumped 15.9 basis points through Jan. 12, the steepest move for that period since 2008, shortly after the Markit iTraxx Asia ex-Japan index was created. Volatility in Chinese markets is fueling fears of more defaults in the region, with the 10-day correlation between the yuan and the iTraxx only higher in three periods in the history of the index.

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