News Snapshot:
China’s central bank said Friday that the risk of spillover from embattled property giant Evergrande to the financial sector was “controllable”, breaking its silence on the company’s debt troubles, state media reported. Concerns are mounting that the cash crunch at Evergrande — which is struggling with more than $300 billion in liabilities — could lead to contagion for the wider Chinese economy. Authorities are “carrying out risk disposal and resolution work in accordance with the principles of rule of law and marketisation,” People’s Bank of China official Zou Lan said at a briefing, according to an outlet under the Xinhua...
