Evergrande debt troubles seem particular to China -US Fed's Powell

Evergrande debt troubles seem particular to China -US Fed's Powell

22/9/2021 11:03:00 PM

Evergrande debt troubles seem particular to China -US Fed's Powell

U.S. Federal Reserve Chair Jerome Powell said on Wednesday that the debt problems of property developer Evergrande seem particular to China and that he did not see a parallel with the U.S. corporate sector. A potential default by Evergrande, Asia's biggest junk-bond issuer, drove a steep selloff on Wall S

U.S. Federal Reserve Chair Jerome Powell said on Wednesday that the debt problems of property developer Evergrande seem particular to China and that he did not see a parallel with the U.S. corporate sector.A potential default by Evergrande, Asia's biggest junk-bond issuer, drove a steep selloff on Wall Street and widened spreads on U.S. high-yield bonds on Monday, although markets have steadied since then.

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"In terms of the implications for us, there's not a lot of direct United States exposure. The big Chinese banks are not tremendously exposed, but you would worry it would affect global financial conditions through global confidence channels and that kind of thing," Powell told reporters after the Fed's policy meeting."But I wouldn't draw a parallel to the United States corporate sector."

(Reporting by Karen Pierog; Editing by Leslie Adler) Read more: CNA »

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