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China Local Yuan Junk Debt in Worst Selloff Since 2014

  • Onshore AA- yuan bond yield spread rises 17 basis points
  • `We should avoid junk bonds,' says HFT Investment Management

China’s onshore yuan high-yield bonds are in the midst of their worst two-month selloff since the end of 2014 and investors say they have yet to fully price in the risk of defaults as the economy slows.

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