From one angle, this is surprising. Don't the Chinese have all OUR money? How, then, can they be running out of it?
From another angle, it's not. China has been going through a long, strong expansion and corrections are inevitable. The banks have made bad loans in a boom, just as our banks did – just on different stuff.
But there don't seem to be a lot of safe havens.
Rating agency Fitch says it may downgrade China's yuan debt rating on fears of rising defaults after record lending by banks.