Credit tightening threatens China's 'giant Ponzi scheme'
• TelegraphThe data raise fresh doubts about the strength of global trade and whether the world can rely on China's growth miracle to power recovery. Separately, the Baltic Dry Index – measuring freight rates for bulk goods – has tipped over, dropping 25pc since late July. The shipping figures buttress reports that China has stopped building up stocks of metals and other commodities after a spate of frantic buying over the early summer.
