China Turns the Tables on Wall Road

China is upending how the worldwide monetary system handles debt crises within the growing world. Wall Road isn’t pleased.

Massive bond fund managers cried foul final month when China blocked their deal to salvage investments in defaulted Zambian debt. The smackdown got here simply weeks after Chinese language officers brokered a non-public debt restructuring with Sri Lanka, outmaneuvering Western governments that had been making an attempt to do the identical.