were to default, although the overall impact on the banking sector would be manageable.
Regulators have warned of broader risks to the country's financial system if the company's US$305 billion of liabilities aren't contained. Fitch downgraded China Evergrande Group to CC from CCC+ on Sep 7, indicating that it viewed a default of some kind as probable. Fitch said 572 billion yuan of Evergrande's borrowings were held by banks and other financial institutions, but banks may also have indirect exposure to the developer's suppliers, who are owed 667 billion yuan for goods and services.
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