This has been coming since 2021. They owed about $300bn including a bunch in dollar denominated bonds.
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the question is will brandon & yellen (US taxpayers) save the big US Banks holding Evergrande debt (ala silicon valley bank)
The Federal Reserve has the back of large US banks.
If they need cash they go to the Fed window and get it.
We all wish we had friends like that.
;-)
You would think they would have unwound over the past two years. Some folks in these banks are just stupid.
No question that China will help. There are U.S. taxpayers still waiting on $1.5 trillion in old Chinese railroad bonds that China hasn't paid a penny on since they became Communist. It amazes me that China has a credit rating anywhere above "Complete Bull Crap" status.