How China's Commodity-Financing Bubble Becomes Globally Contagious
April 22, 2014 at 07:43 AM EDT
"Marubeni [the world's largest soybean exporter to China] is deluded in thinking that payments will come once the cargoes have sailed," is the message from an increasing number of liquidity-strapped Chinese firms, "If they take these cargoes, some could go bankrupt. That's why they choose not to honor the contracts."