Satyajit Das, a derivatives consultant and author of "Traders, Guns & Money," talks about China’s local government debt and economic outlook.   Chinese banks’ loans to local governments are about 3.5 trillion yuan ($540 billion) more than the national auditor’s estimate, and the industry’s credit outlook could decline, Moody’s Investors Service said on July 5. Das also discusses sovereign debt crisis in Europe. He speaks from Sydney with Rishaad Salamat on Bloomberg Television's "Asia Edge."