Chinese gauges of financial stress — including the TED spread, which is the difference between interest rates on interbank lending and interest rates on government bonds — have widened sharply in recent days, suggesting that the Chinese financial system is under severe stress. The New York Times' Paul Krugman is worried:
The widening in the TED spread was one of the key reasons I was already very scared in late 2007. If past is prologue, we should be very worried about China now. [New York Times]
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