ASIA: Evergrande’s debt crisis will slow down China’s economic growth, but will likely have minimal spillover on the country’s financial system, Li Daokui, a former advisor to the People’s Bank of China said in an interview to CNBC. He added that a default by Evergrande will have minimal effect on the Chinese financial system because […]

ASIA: China’s Evergrande Group dollar bondholders were still waiting for information about a key interest payment due Thursday, with some holders having given up hope of getting a coupon payment by the deadline, Reuters reported. The property developer was instead expected to provide more information in the coming month, the news agency said. Evergrande was […]

ASIA: Chinese leader Xi Jinping said on Tuesday that China would not build new coal-fired power projects abroad, using his address at the United Nations General Assembly to add to pledges to deal with climate change. China has been under heavy diplomatic pressure to put an end to its coal financing overseas because it could […]

ASIA: Crisis-hit Chinese property developer Evergrande used billions of dollars raised by selling wealth management products to retail investors to plug funding gaps and even to pay back other wealth management investors, executives of the company said in a statement. Evergrande financial advisers marketed the products widely, including to homeowners in its apartment blocks, while […]

ASIA: Leaders of the United States, Japan, India and Australia will agree to take steps to build secure semiconductor supply chains when they meet in Washington next week, Reuters reported. US President Joe Biden will host a first in-person summit of leaders of the “Quad” countries, which have sought to boost cooperation to push back […]

ASIA: The People’s Bank of China added 90 billion yuan ($14 billion) of funds on a net basis through seven-day and 14-day reverse repurchase agreements on Friday, the most since February. Today was the first time this month it added more than 10-billion-yuan short-term liquidity into the banking system on a single day. The move […]

With all the conspiracy theories that somehow the bankers are the real culprits in creating excess money supply, there has been an evolution in central banks that has finally crossed the line since 2019. The Federal Reserve was, once upon a time, responsible. The Fed was originally designed as an authority to create money, which […]

ASIA: China has told the US, the UK and Australia to abandon their “cold war” mentality or risk harming their own interests after the three countries unveiled a new defence cooperation pact. The trilateral security partnership, named Aukus, was announced on Thursday by the three nations’ leaders via video link, and will include an 18-month plan […]

ASIA: China’s dramatic steps to contain the coronavirus this summer have taken a toll on consumer confidence in the country and are fueling concerns about the strength of the world’s second largest economy. Retail sales struggled in August, increasing just 2.5% compared to a year earlier, according to government statistics released Wednesday. That was much […]

ASIA: China’s sprawling real estate developer, Evergrande, has the distinction of being the world’s most debt-saddled property developer and has been on life support for months. The rating agency Fitch said this week that default “appears probable.” Moody’s, another ratings agency, said Evergrande is out of cash and time. Evergrande is faced with more than […]