Updated Dec. 13, 2023 12:53 am ET
China is upending how the international financial system handles debt crises in the developing world. Wall Street isn’t happy.
Large bond fund managers cried foul last month when China blocked their deal to salvage investments in defaulted Zambian debt. The smackdown came just weeks after Chinese officials brokered a private debt restructuring with Sri Lanka, outmaneuvering Western governments that were trying to do the same.
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