Published: 2024-01-08T05:27:28.000Z
AUD/USD flows: Chinese and HK Equities SUnk On Weekend Bankruptcy of Zhongzhi
FX Analyst
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China 'wealth manager/shadow banking" Zhongzhi goes bankrupt over the weekend
The Chinese Wealth Manager "Zhongzhi" had its difficulties earlier in November but has official declared bankruptcy over the weekend. Its heavy linkage with the property development sector has dragged the company into insolvency. It seems to suggest such shadow banking in China may continue to have a shake out if there is no improvement in the property sector.
The Chinese and Regional equities sunk on the poor sentiment and see AUD/USD dragged 0.24% lower to 0.67.