Chinese municipal debt near $3T.

Chinese local-government liabilities stood at 17.9T yuan ($2.95T) at the end of June, a major new report shows, with the number up from 10.7T yuan the last time a full audit took place in 2010. The report comes as China's short-term money market rates calm down after spiking earlier this month due to the central bank refraining from injecting liquidity into the system as part of its efforts to rein in soaring debt.