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China Tightens Lending Taps, Leaving African Markets Vulnerable

  • Slowing growth is forcing Beijing to scale back investment
  • African countries face debt distress as borrowing costs soar
Workers load batches of copper sheets ready for shipping inside a warehouse facility in Mufulira, Zambia.
Workers load batches of copper sheets ready for shipping inside a warehouse facility in Mufulira, Zambia.

Photographer: Per-Anders Pettersson/Getty Images

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Developing countries in Africa are losing a champion that for years allowed them to borrow at cheaper rates than they could find in capital markets.