News Snapshot:
(Bloomberg) -- Financial problems faced by institutions like China Evergrande Group are “controllable” and spillovers from the nation’s markets to the rest of the world are limited, a former central bank adviser said. “Overseas investors don’t need to over-worry about China,” Yu Yongding, a former adviser for the People’s Bank of China, said at the annual Caixin summit Friday. China’s financial system is “still stable,” based on indicators like non-performing loans, he said. “Problems of financial institutions like Evergrande are controllable.” A clampdown on excessive leverage in the property market and a debt crisis at Evergrande have spooked investors, resulting...
