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China Tries To Reassure On Evergrande As Default Fears Rise

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A woman and a child walk by a map showing Evergrande development projects in China at an Evergrande city plaza in Beijing on Sept. 21, 2021. Shares were mostly lower in Asia on Monday after troubled Chinese property developer Evergrande warned late Friday it may run out of money. (AP Photo/Andy Wong)

(AP) — China’s central bank expanded the supply of money for lending Monday as Beijing tried to reassure its public and investors the economy can be protected if a troubled developer’s $310 billion mountain of debt collapses. Evergrande Group’s struggle to turn assets into cash has prompted fear a default might chill Chinese lending markets and cause global shockwaves. Economists say the ruling Communist Party can prevent a credit crunch but wants to avoid sending the wrong signal by bailing out Evergrande in the middle of a campaign to force companies to cut debt Beijing worries is dangerously high.

 

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