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China’s Dollar-Bond Misery Is Set to Deepen With Fed Tightening

  • Share of Asia note sales by China firms drops to a decade low
  • Worst pain has been in property, but broader threats mounting

China’s credit market can’t catch a break.

A property debt crisis. Lockdowns that have dragged on the economy. And now monetary tightening by the Federal Reserve that’s driven up the dollar and threatens to draw more money away from emerging-market assets.