Evergrande Update 3: Default Is Here, Focus Turns To CNY

How will Evergrande's default affect other markets?

Evergrande has finally fallen into formal default, and is poised to undergo a major restructuring of its balance sheet. This hasn’t come as a surprise to anyone following the saga, as demonstrated by the Chinese fixed income market not plunging on the news, instead remaining close (and in some cases rallying slightly) to where they were trading in our previous update. What did plunge however, was the CNY, which isn’t a good sign for the rest of the world.

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