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🧵 2. Fitch Ratings says it may reconsider China's A+ credit rating due to high debt-to-GDP ratio if non-government debt liabilities increase.

🧵 3. China's new loans in July hit the lowest since 2009, adding to concerns about the country's faltering economic recovery.

🧵 4. The People's Bank of China cuts interest rates to stimulate the economy, signaling policymakers' panic as dominoes appear to fall.

🧵 5. Massive debt load in China poses challenges for economic stimulation, leaving helicopter money as a potential solution, says Becky Liu of Standard Chartered Bank.