Over the weekend, the topic du jour among the macro community was whether the looming default of Chinese construction giant Evergrande marks a Lehman Brothers moment for the world’s second largest economy.

The growing fear is that its demise, and the losses the banks and bondholders that provided the $US350 billion of debt will have to swallow, could trigger a contagion event similar to what the US experienced in September 2008, which led to the collapse of the Lehman Brothers investment bank.