The local banks have no direct exposure to China Evergrande Group (Evergrande). A DBS Group Holdings spokeswoman says "DBS has no exposure to Evergrande";  a United Overseas Bank spokeswoman says, "UOB does not have any exposure to Evergrande"; and The Edge Singapore understands that Oversea-Chinese Banking Corp also have no exposure to Evergrande.

In the US, Bloomberg reported that the US Federal Reserve chair, Jerome Powell said that there is little direct US exposure to China Evergrande’s debt. “The Evergrande situation seems very particular to China, which has very high debt for an emerging economy,” Powell said, according to Bloomberg. However, he noted that the Evergrande situation could ‘impact global financial conditions’.

To continue reading,

Sign in to access this Premium article.

Subscription entitlements:

Less than $9 per month
3 Simultaneous logins across all devices
Unlimited access to latest and premium articles
Bonus unlimited access to online articles and virtual newspaper on The Edge Malaysia (single login)

Stay updated with Singapore corporate news stories for FREE

Follow our Telegram | Facebook