Red Ponzi Goes Gaga For Junk Bonds—Outstandings Up 7X Since 2015

There are about 1.1 trillion yuan ($159 billion) of local company bonds outstanding that offer investors more than 8%, the local cutoff for what’s considered high-yield, according to AJ Securities Co. By late last year, the market was seven times larger than it was at the start of 2015, Guosen Securities Co. data show.