''A leaked report from a Chinese government-backed think tank has
warned of a potential “financial panic” in the world’s second-largest
economy, a sign that some members of the nation’s policy elite are
growing concerned as market turbulence and trade tensions increase.
Bond
defaults, liquidity shortages and the recent plunge in financial
markets pose particular dangers at a time of rising U.S. interest rates
and a trade spat with Washington, according to a study by the National Institution for Finance & Development
that was seen by Bloomberg News and confirmed by a NIFD official. The
think tank warned that leveraged purchases of shares have reached levels
last seen in 2015 -- when a market crash erased $5 trillion of value..''
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