News Snapshot:
By Leika Kihara (Reuters) – China’s economic performance is good, but there are challenges due to mismanagement. The People’s Bank of China Governor Yi Gang stated on Sunday that China’s economy faces default risks. Recent weeks have seen concern grow about the collapse of China Evergrande Group. This property developer has over $300 billion of liabilities, and has not paid three rounds of interest on its dollar bonds. The company is struggling with its debt and worries over a potential spillover from China’s property industry into the wider economy are growing. Yi Gang stated that default risk for certain firms,...
