China cbank official says spillover effect of Evergrande's debt woes controllable

  • 10/15/2021
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BEIJING, Oct 15 (Reuters) - The spillover effect of Evergrande’s debt problems on the banking system is controllable and individual financial institutions’ risk exposures are not big, a central bank official said on Friday. Chinese authorities are urging Evergrande to step up asset disposals and the resumption of projects, Zou Lan, head of financial markets at the People’s Bank of China (PBOC), also told a briefing. Evergrande had blindly diversified and expanded its business, Zou added. (Reporting by Beijing newsroom; editing by John Stonestreet) Our Standards: The Thomson Reuters Trust Principles.

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