Bloomberg Businessweek

China’s Bond Market Has a Forgery Problem

A pair of scandals shakes mainland traders’ confidence | “We will see more and more naked swimmers”

Forged seals, fake letters, and counterfeit documents. They’re all part of a recent spate of fraud in China that’s added to worries about the country’s $3 trillion corporate bond market, where defaults have been rising and companies are finding it increasingly difficult to sell debt issues.

Within two weeks in December, two cases emerged that shook the market. China Guangfa Bank said documents and seals in its name had been forged for use on a letter

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