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MNI BRIEF: Evergrande Risks Belong In Legal Channels: PBOC Yi

The central bank has urged the company to meet its payment obligations.

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China will deal with the Evergrande risk and respect the rights of creditors and shareholders using market-oriented legal principles in place, said Yi Gang, governor of the People’s Bank of China, at a forum on Thursday, according to Chinese media.

The risks of certain property company will not impact the fund-raising function of financial markets in the medium and long term, he said. The central bank will urge the company and its shareholders to fulfill the obligations of repayment, Yi added.

The PBOC will continue to support Hong Kong’s role as an international financial center where yuan-denominated products and tools can further develop and improve risk-management facilities as the cross-border Connect regimes have been introduced, Yi noted.