China’s $1.7 trillion hangover

China’s $1.7 trillion hangover

Up to 40% of China’s $1.7 trillion LGFV loans are at high risk of default. What’s a panicking Beijing to do?

EuromoneyFXNews.com

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December 1997

Michael von Clemm


Michael von Clemm, former chairman of CSFB and Merrill Lynch Capital Markets, died on November 6 at the age of 62.


Michael von Clemm was a visionary of the Euromarkets. He was also a friend of anyone who saw, in the derisory little offshore Eurodollar markets of the 1960s, the forerunner of the mighty international capital markets we work in today. He saw many things clearly that others could not, and he probably lived the most exciting and interesting life of any investment banker of modern time as a result.

With Rainer Gut, he created Credit Suisse First Boston which dominated the Eurobond markets while he ran it. To do so, he convinced Gut that he should buy a special bracket firm in the US, instead of the less risky choice of Dillon Read. He originated (a carefully chosen verb for an investment banker's actions) Canary Wharf and called me from his car phone to say: "Fallon, guess where I'm calling from." The usual guesswork followed; then with his customary tone...


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