Then, China's stock market bubble burst over the summer, and investors lost a ton of money before the government took control of the system.

Now the concern floating around the world of markets is that the third in China's "triple bubble" is about to burst.

That bubble is credit, especially corporate bonds, which have absolutely exploded over the past year as refugees from the other bubble bursts searched for yield.

This one is going to be for a very straightforward reason, too — supply.

Simply put, there are about to be too many bonds in China, and that could ultimately harm the weakest part of the Chinese economy, the debt-loaded zombie companies that helped form the property bubble and are now unable to turn a healthy profit.