News Snapshot:
Evergrande crisis to hurt China economy: Li Daokui, ex-PBOC advisor Evergrande ‘s debt crisis will slow down China’s economic growth, but will likely have minimal spillover on the country’s financial system, according to a former advisor to China’s central bank. Evergrande is the world’s most indebted property developer with total liabilities of around $300 billion. The company has been struggling to pay its suppliers and warned investors it could default on its debts, with one key payment due as soon as this week . “The impact is on the real economy because with the default of Evergrande, there’ll be [a]...
