ANALYST: China's 'Long-Awaited Day Of Reckoning' Is Almost Here

All the devils have come together for the Chinese economy and the country's "long-awaited day of reckoning" is upon us, writes Societe Generale analyst Wei Yao in a recent note. To China bears who've said that the country is a debt bubble, Wei's conjecture will seem obvious. To bulls it raises another question: Where would these credit problems come from? Where have they been hiding? Wei's answer is simple: Problems have been lurking within state owned enterprises (SOE) and in a lesser sense lo...