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9/22, 9:22 PM (Source: TeleTrader)
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Powell: Evergrande's collapse unique to China

Federal Reserve Chair Jerome Powell argued on Wednesday that Evergrande's imminent collapse appears to be unique to China, adding that he doesn't expect it would negatively affect the United States market.

Commenting on the coronavirus pandemic, Powell noted that the number of corporate defaults in the US stood at a very low level despite opposing estimates. Evergrande's debt could affect confidence channels, Powell concluded.

The remarks come amid reports the Chinese government could take control of the Evergrande Real Estate Group within days and make it a state-owned enterprise.

Breaking the News / MD