"Hedge fund manager Paul Singer said that China’s debt-fueled stock market crash may have larger implications than the U.S. subprime mortgage crisis, echoing warnings from fellow billionaire money managers Bill Ackman and Jeffrey Gundlach."

"China’s stock market has dropped from a June 12 peak wiping out almost $4 trillion in value in less than a month after investors who borrowed to buy shares had to unwind trades. Markets tumbled even as President Xi Jinping’s government ramped up efforts to stem the rout, including preventing share sales of companies."

"Ackman said he’s worried about China’s lack of transparency and questioned the reliability of its economic statistics, the same day that China said gross domestic product rose 7 percent in the last quarter."

"Mary Erdoes, chief executive officer of JPMorgan Asset Management, said at the event that China’s equities markets don’t reflect the economy. 'It’s been 25 years of 7 percent growth,' said Erdoes. 'No other country has displayed that. Not even the U.S. There’s a lot going on in the economy and it’s completely disassociated with the stock market.'"

From +Bloomberg Businesshttp://ow.ly/PHzeC

Billionaire Paul Singer: China Crash Is ‘Way Bigger Than Subprime’

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