We covered the Chinese bubble back in 2010 and then we said that things could not continue as they were with callable zero bonds at crazy rates that could damage the likes of BBVA who are expanding in that market no end. We said then that banks dealing on Chinese bonds will have to start building reserves to pay for all this action. Now though the central government has finally seen the light and they are moving to sort out their economic situation. Trouble is this means that banks will have to follow. Central government in China is continuing to

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