Bloomberg with a report on Chinese authorities looking to stem contagion risk from Evergrande:
A summary of where we are at, in brief:
- China Evergrande Group edges closer to a massive restructuring
- Beijing signaling it’s willing to prop up healthy developers, homeowners and the real estate market at the expense of global bondholders
- Chinese authorities have dispatched top financial regulators to nudge the country’s massive banks to ease credit for homebuyers and support the property sector.
- They also bought out part of Evergrande’s stake in a struggling bank to limit contagion
China is out on holiday this week, but efforts such as the above will continue in earnest. Chinese markets reopen on Friday.
This article was originally published by Forexlive.com. Read the original article here.