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China's official non-performing loan data ($86B in bad debt in Q1) "greatly understates" the...

China's official non-performing loan data ($86B in bad debt in Q1) "greatly understates" the extent of the problem, says Carson Block, believing the unwind will force Beijing to recapitalize a number of banks. Block's Muddy Waters recently made headlines with a short of Standard Chartered (SCBFF.PK, SCDRF.PK) - a U.K. bank earning most of its profit in Asia. China Financial ETF (CHIX) +32% Y/Y.
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