EM debt levels a worry but Asia crash fears seen overdone

A new financial crisis in Asia's emerging markets is not imminent say market observers and investors, despite warnings from the Bank for International Settlements (BIS) about heightened levels of corporate and household debt in some countries. In its annual report this week, the BIS warns that with the region's debt levels so high there is the potential for rising interest rates to trigger the kind of market shocks not seen since the 2008 global financial crisis. In his notes at…