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China has means to address Evergrande default: IMF official

Beijing equipped with tools to prevent financial crisis, says Tobias Adrian

Chinese authorities have the means to address a crisis from China Evergrande Group, says Tobias Adrian of the International Monetary Fund.   © Reuters

WASHINGTON -- While China Evergrande Group missed payments on bond interests for the third time in as many weeks, the International Monetary Fund said in a report Tuesday that the exposure of Chinese banks to the real estate conglomerate appears limited and that the government has the ability to contain the fallout.

With $300 billion in liabilities hanging over its head, Evergrande has until the end of next week to make good on a set of missed coupon payments before a grace period expires and it officially goes into default.

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