China just made a key preparation for disaster in its economy

China has given its bond traders the go-ahead to begin trading credit default swaps, an indication that the government is preparing for more big corporate bankruptcies, Bloomberg reports.
Credit default swaps allow investors to insure themselves against the default of a given security.
Earlier this month, the government for the first time allowed a major state-owned organization, Guangxi Nonferrous Metals Group, to make preparations for bankruptcy.
It was a special moment. Never before had the c