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    3333   KYG2119W1069

CHINA EVERGRANDE GROUP

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Dollar climbs as Evergrande uncertainty percolates

09/24/2021 | 04:38pm EDT
FILE PHOTO: U.S. dollar banknotes are seen in this photo illustration

NEW YORK (Reuters) - The dollar rose on Friday and was poised for its third straight week of gains against a basket of major currencies, as uncertainty over beleaguered Chinese property developer Evergrande helped the greenback bounce back from a sharp decline in the prior session.

China Evergrande Group owes $305 billion and has run short on cash, missing a Thursday deadline for paying $83.5 million and leaving investors questioning whether it will make the payment before a 30-day grace period expires. A collapse of the company could create systemic risks to China's financial system.

The safe-haven dollar had its biggest one-day percentage drop in about a month on Thursday after Beijing injected new cash into the financial system and Evergrande announced it would make interest payments on an onshore bond, boosting risk sentiment.

The offshore Chinese yuan weakened versus the greenback at 6.4641 per dollar.

The decline came a day after the greenback was lifted by Wednesday's announcement from the U.S. Federal Reserve that it will likely begin to trim its monthly bond purchases as soon as November and flagged interest rate increases may follow suit sooner than expected as the central bank moves away from its pandemic crisis policies.

"We are in one of the situations, and this doesn't always happen, where the dollar is the beneficiary of multiple ideas," said Joseph Trevisani, senior analyst at FXStreet.com.

"The U.S. economy does look better than most of its competitors, there is lingering fear out there over Evergrande and what else is out there in the rather untransparent Chinese economy and political system, plus the Fed appears finally ready."

The dollar index rose 0.237%, with the euro down 0.2% to $1.1713.

Kansas City Fed President Esther George said the U.S. labor market has already met the central bank's test to pare its monthly bond purchases, and the discussion should now turn to how its massive bondholding could complicate the decision on when to hike rates.

Cleveland Fed President Loretta Mester echoed the sentiment for a tapering this year, and said the central bank could start raising rates by the end of next year should the job market continue to improve as expected.

In prepared remarks in a listening session with a wide swath of economic players, Fed Chair Jerome Powell did not elaborate on his own economic or monetary policy outlook, which he had outlined at the close of the two-day Fed meeting on Wednesday.

Sterling weakened a day after hawkish comments from the Bank of England on Thursday pushed the pound to its biggest one-day percentage gain since Aug. 23.

The Japanese yen weakened 0.43% versus the greenback at 110.77 per dollar, while Sterling was last trading at $1.3666, down 0.36% on the day.

Cryptocurrencies slumped after China's most powerful regulators increased the country's crackdown on the digital assets, with a blanket ban on all crypto transactions and crypto mining.

Bitcoin, the world's largest cryptocurrency, last fell 5.89% to $42,256.47.

Smaller coins, which generally move in tandem with bitcoin, also dropped. Ether last fell 8.08% to $2,899.10 while XRP last fell 7.2889413% to $0.93.

(Reporting by Chuck Mikolajczak; Editing by Dan Grebler and Sonya Hepinstall)

By Chuck Mikolajczak


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
AUSTRALIAN DOLLAR / BRITISH POUND (AUD/GBP) 0.00% 0.54591 Delayed Quote.-2.95%
AUSTRALIAN DOLLAR / EURO (AUD/EUR) 0.21% 0.64771 Delayed Quote.2.84%
AUSTRALIAN DOLLAR / JAPANESE YEN (AUD/JPY) 0.03% 85.373 Delayed Quote.8.03%
AUSTRALIAN DOLLAR / US DOLLAR (AUD/USD) 0.14% 0.75118 Delayed Quote.-2.36%
BITCOIN (BTC/EUR) 4.05% 52600.8 Real-time Quote.114.04%
BITCOIN (BTC/USD) 4.08% 60953.23 Real-time Quote.102.67%
BRITISH POUND / AUSTRALIAN DOLLAR (GBP/AUD) 0.01% 1.83107 Delayed Quote.3.19%
BRITISH POUND / CANADIAN DOLLAR (GBP/CAD) 0.13% 1.70076 Delayed Quote.-1.86%
BRITISH POUND / EURO (GBP/EUR) 0.19% 1.18629 Delayed Quote.6.08%
BRITISH POUND / JAPANESE YEN (GBP/JPY) 0.05% 156.335 Delayed Quote.11.41%
BRITISH POUND / NEW ZEALAND DOLLAR (GBP/NZD) 0.01% 1.91766 Delayed Quote.1.00%
BRITISH POUND / SWISS FRANC (GBP/CHF) 0.17% 1.26288 Delayed Quote.4.73%
BRITISH POUND / US DOLLAR (GBP/USD) 0.15% 1.37558 Delayed Quote.0.66%
CANADIAN DOLLAR / BRITISH POUND (CAD/GBP) -0.12% 0.588004 Delayed Quote.1.89%
CANADIAN DOLLAR / EURO (CAD/EUR) 0.10% 0.697593 Delayed Quote.8.14%
CANADIAN DOLLAR / JAPANESE YEN (CAD/JPY) -0.07% 91.912 Delayed Quote.13.60%
CANADIAN DOLLAR / US DOLLAR (CAD/USD) 0.04% 0.80856 Delayed Quote.2.77%
CHINA EVERGRANDE GROUP -0.78% 2.54 End-of-day quote.-82.95%
DOW JONES FXCM DOLLAR INDEX 0.00% 12003.49 Delayed Quote.2.87%
EURO / BRITISH POUND (EUR/GBP) -0.20% 0.84286 Delayed Quote.-5.71%
EURO / JAPANESE YEN (EUR/JPY) -0.16% 131.776 Delayed Quote.5.11%
EURO / US DOLLAR (EUR/USD) -0.06% 1.15947 Delayed Quote.-5.06%
GOLD 0.07% 1797.62 Delayed Quote.-5.50%
INDIAN RUPEE / BRITISH POUND (INR/GBP) -0.01% 0.009704 Delayed Quote.-3.16%
INDIAN RUPEE / EURO (INR/EUR) 0.24% 0.011515 Delayed Quote.2.76%
INDIAN RUPEE / JAPANESE YEN (INR/JPY) -0.03% 1.516852 Delayed Quote.7.91%
INDIAN RUPEE / US DOLLAR (INR/USD) 0.12% 0.013348 Delayed Quote.-2.47%
JAPANESE YEN / SWISS FRANC (JPY/CHF) 0.02% 0.8079 Delayed Quote.-6.04%
NEW ZEALAND DOLLAR / JAPANESE YEN (NZD/JPY) 0.03% 81.525 Delayed Quote.10.41%
NEW ZEALAND DOLLAR / US DOLLAR (NZD/USD) 0.11% 0.71728 Delayed Quote.-0.18%
S&P GSCI GOLD INDEX -0.26% 1047.6248 Delayed Quote.-5.37%
SILVER 0.01% 24.0503 Delayed Quote.-8.35%
US DOLLAR / BRITISH POUND (USD/GBP) -0.15% 0.727146 Delayed Quote.-0.66%
US DOLLAR / EURO (USD/EUR) 0.06% 0.862463 Delayed Quote.5.33%
US DOLLAR / JAPANESE YEN (USD/JPY) -0.10% 113.652 Delayed Quote.10.65%
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Financials
Sales 2021 547 B 70 375 M 70 375 M
Net income 2021 2 419 M 311 M 311 M
Net Debt 2021 354 B 45 462 M 45 462 M
P/E ratio 2021 13,9x
Yield 2021 1,50%
Capitalization 33 531 M 4 311 M 4 311 M
EV / Sales 2021 0,71x
EV / Sales 2022 0,48x
Nbr of Employees 163 119
Free-Float 18,6%
Chart CHINA EVERGRANDE GROUP
Duration : Period :
China Evergrande Group Technical Analysis Chart | 3333 | KYG2119W1069 | MarketScreener
Technical analysis trends CHINA EVERGRANDE GROUP
Short TermMid-TermLong Term
TrendsBearishBearishBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 11
Last Close Price 2,54 HKD
Average target price 10,56 HKD
Spread / Average Target 316%
EPS Revisions
Managers and Directors
Hai Jun Xia Vice Chairman & Chief Executive Officer
Shou Ming Shi President
Da Rong Pan Chief Financial Officer & Executive Director
Ka Yan Hui Chairman
Dong Feng Chen Head-Information
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