Wall Street Banks Questioned by Fed on Evergrande Exposure
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Federal Reserve officials have questioned several big U.S. banks about their exposure to China Evergrande Group, joining other global regulators in examining the potential fallout from the property developer’s debt crisis.
Troubles at Evergrande, with more than $300 billion of liabilities, spurred the Fed to seek information to head off any risks to financial stability, according to people familiar with the matter. Hong Kong’s central bank also asked lenders there to report risks tied to Evergrande, China’s largest issuer of high-yield, dollar-denominated bonds.