China’s crackdown on debt has slammed the country’s nascent hedge fund industry, as a bear market in bonds prompts banks to withdraw funds they had parked with external bond managers, cutting a key source of funds. Hedge funds barely existed in China five years ago, at least not formally, though a small group of superstar fund managers had operated in a regulatory grey zone.
中國對債務的打擊衝擊了國內新興的對沖基金業。債券市場熊市促使銀行撤回先前存放於外部債券管理公司的資金，切斷了後者的一個主要資金來源。5年前，對沖基金在中國幾乎不存在（至少不正式存在），儘管少數幾位明星基金經理在監管灰色地帶操作。
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