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Chinese Banks Eager to Downplay Risks with Evergrande: Yicai

CHINA PRESS
MNI (Singapore)

Chinese commercial banks are making public statements to declare that their risk exposures to the debt-ridden Evergrand Group are controllable, Yicai.com reported. Among the many banks making the public statements, Industrial Bank said its existing business with the Group has sufficient collateral, while Zheshang Bank stated that the current lending amount to Evergrande Group is CNY3.8 billion, with sufficient collateral, Yicai reported. MNI noted that global financial markets were stung in recent days as concerns intensified that the liquidity crisis faced by Evergrande could spark sustained contagion.

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