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Powell Says Not a Lot of US Exposure to China's Evergrande

FED

Q: Are you concerned re corporate debt; Re Evergrande, what is your level of concern right now?

- A: US corporate debt is low right now. We were concerned at the beginning of the pandemic we would have a wave of defaults; didn't happen to a significant extent because of the CARES Act and the response that we undertook.

  • For whatever reason you had very low corp default rates. The Evergrande situation seems particular to China which has very high debt for an EM economy.
  • In terms of the implications for us, there is not a lot of direct US exposure. The Chinese banks are not tremendously exposed but you would worry it would effect global confidence. I wouldn't draw a parallel with the US.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Energy BulletsCommoditiesFOMC Calendar Market News
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Energy BulletsCommoditiesFOMC Calendar Market News

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