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Evergrande's debt problems are controllable

Evergrande's debt problems are controllable | 18 October 2021

18 October 2021, USD/JPY

Evergrande's debt problems are controllable

USDJPY trading plan:

Chinese authorities are urging Evergrande to step up asset disposals and the resumption of projects, Zou Lan, head of financial markets at the People's Bank of China told a briefing, adding that individual financial institutions did not have highly concentrated exposure to Evergrande. "In recent years, this company did not operate and manage itself well. It failed to conduct prudent operations according to changing market conditions, and it blindly diversified and expanded its business," Zou told the briefing in Beijing. The spillover effect of China Evergrande Group's debt problems on the banking system is controllable, a China central bank official said. This is a good signal for the stock market and USDJPY, which has a correlation with the shares.

Investment idea: buy 114.08 and take profit 114.45.

David Johnson
Analyst of «FreshForex» company
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