Asia’s Leverage Boom Is Unwinding Fast

Margin debt across South Korea, China and Taiwan has fallen by a combined $67 billion from recent peaks:
South Korea: down $4 billion to $22 billion
China: down $59 billion to $385 billion
Taiwan: down $4 billion to $15 billion
Meanwhile, South Korea-listed leveraged ETFs tied to SK Hynix and Samsung have lost $7 billion in assets , falling 63% from their June peak to just $4 billion .
The rapid deleveraging is amplifying already historic volatility across Asian equity markets.