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China's weak yuan has cost already troubled Chinese property developers $3bn

China's weak yuan has cost already troubled Chinese property developers $3bn
Property development firms in China borrowed in US dollars and thus the slide in the yuan against the dollar has increased these firms debt repayments. Nikkei Asia calculate mainland Chinese property developers registered close to us$3 billion in foreign exchange losses during H1 of 2023. Adding that the usual suspects top the list, Evergrande, Sunac and Country Garden. Niikei add:The foreign exchange losses are on paper only and the actual loss or gain depends on the exchange rates of the respe... Read More
Posted: Sep 17 2023, 21:19
Author Name: forexlive
Views: 101947

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