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China braces for an Evergrande collapse

Michael McLaren

Michael is joined by Stephen Bartholomeusz, Sydney Morning Herald Senior business columnist, regarding pundits arguing that the crisis within the Chinese property giant, China Evergrande doesn’t represent a systemic threat even though the actions being taken by China’s authorities suggest otherwise.

 

Mr Bartholomeusz writes, ‘While Evergrande’s woes might not represent a “Lehman” moment and presage a financial crisis – mainly because the absolute control the authorities have over their banking system means they can avert the kind of destructive freezing of inter-bank dealings that turned Lehman Bros’ collapse into a systemic crisis – the authorities aren’t sitting on their hands.’

 

‘The People’s Bank of China has injected more than $US70 billion ($96 billion) of liquidity into China’s financial system in just over a week, so it self-evidently sees Evergrande as some level of threat to systemic stability.’

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Michael McLaren
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