China has often been dubbed a Lehman-in-the-making, a reference to the spectacular collapse of Lehman Brothers, which precipitated the 2008 global financial crisis. Chinese policymakers themselves have warned of the risk of a “Minsky moment”, the onset of a disorderly fall in asset prices brought on by an excessive build-up of leverage.The deepening liquidity crisis at China Evergrande Group, the country’s second-largest property developer and the world’s most indebted, has rekindled fears of a…
