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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) 0.06% 0.54444 Delayed Quote.-3.49%
AUSTRALIAN DOLLAR / EURO (AUD/EUR) 0.25% 0.64666 Delayed Quote.1.86%
AUSTRALIAN DOLLAR / JAPANESE YEN (AUD/JPY) 0.46% 85.603 Delayed Quote.6.91%
AUSTRALIAN DOLLAR / US DOLLAR (AUD/USD) 0.05% 0.74938 Delayed Quote.-2.93%
BITCOIN (BTC/EUR) -0.96% 53716.4 Real-time Quote.121.61%
BITCOIN (BTC/USD) -1.14% 62299.62 Real-time Quote.110.59%
BRITISH POUND / AUSTRALIAN DOLLAR (GBP/AUD) -0.04% 1.83646 Delayed Quote.3.78%
BRITISH POUND / CANADIAN DOLLAR (GBP/CAD) 0.09% 1.70534 Delayed Quote.-2.04%
BRITISH POUND / EURO (GBP/EUR) 0.21% 1.18772 Delayed Quote.5.67%
BRITISH POUND / JAPANESE YEN (GBP/JPY) 0.42% 157.21 Delayed Quote.10.88%
BRITISH POUND / NEW ZEALAND DOLLAR (GBP/NZD) 0.18% 1.92425 Delayed Quote.1.22%
BRITISH POUND / SWISS FRANC (GBP/CHF) 0.03% 1.26682 Delayed Quote.4.36%
BRITISH POUND / US DOLLAR (GBP/USD) 0.01% 1.37635 Delayed Quote.0.64%
CANADIAN DOLLAR / BRITISH POUND (CAD/GBP) -0.10% 0.586417 Delayed Quote.2.08%
CANADIAN DOLLAR / EURO (CAD/EUR) 0.10% 0.696471 Delayed Quote.7.89%
CANADIAN DOLLAR / JAPANESE YEN (CAD/JPY) 0.32% 92.18 Delayed Quote.13.26%
CANADIAN DOLLAR / US DOLLAR (CAD/USD) -0.08% 0.80682 Delayed Quote.2.92%
CHINA EVERGRANDE GROUP -4.12% 2.56 End-of-day quote.-82.82%
DOW JONES FXCM DOLLAR INDEX 0.10% 12016.16 Delayed Quote.2.82%
EURO / BRITISH POUND (EUR/GBP) -0.21% 0.8418 Delayed Quote.-5.34%
EURO / JAPANESE YEN (EUR/JPY) 0.22% 132.359 Delayed Quote.5.02%
EURO / US DOLLAR (EUR/USD) -0.18% 1.1586 Delayed Quote.-4.70%
GOLD -0.94% 1790.83 Delayed Quote.-5.45%
INDIAN RUPEE / BRITISH POUND (INR/GBP) 0.18% 0.009698 Delayed Quote.-3.27%
INDIAN RUPEE / EURO (INR/EUR) 0.38% 0.011516 Delayed Quote.2.20%
INDIAN RUPEE / JAPANESE YEN (INR/JPY) 0.65% 1.525134 Delayed Quote.7.17%
INDIAN RUPEE / US DOLLAR (INR/USD) 0.24% 0.013351 Delayed Quote.-2.60%
JAPANESE YEN / SWISS FRANC (JPY/CHF) -0.36% 0.8048 Delayed Quote.-6.05%
NEW ZEALAND DOLLAR / JAPANESE YEN (NZD/JPY) 0.24% 81.687 Delayed Quote.9.64%
NEW ZEALAND DOLLAR / US DOLLAR (NZD/USD) -0.18% 0.71513 Delayed Quote.-0.42%
S&P GSCI GOLD INDEX -0.54% 1043.3165 Delayed Quote.-4.66%
SILVER -2.11% 24.0293 Delayed Quote.-7.42%
US DOLLAR / BRITISH POUND (USD/GBP) -0.01% 0.726623 Delayed Quote.-0.63%
US DOLLAR / EURO (USD/EUR) 0.19% 0.863111 Delayed Quote.4.94%
US DOLLAR / JAPANESE YEN (USD/JPY) 0.41% 114.225 Delayed Quote.10.12%
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Analyst Recommendations on CHINA EVERGRANDE GROUP
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Financials
Sales 2021 547 B 70 395 M 70 395 M
Net income 2021 2 419 M 311 M 311 M
Net Debt 2021 354 B 45 475 M 45 475 M
P/E ratio 2021 14,0x
Yield 2021 1,48%
Capitalization 33 795 M 4 346 M 4 347 M
EV / Sales 2021 0,71x
EV / Sales 2022 0,47x
Nbr of Employees 163 119
Free-Float 18,6%
Chart CHINA EVERGRANDE GROUP
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Technical analysis trends CHINA EVERGRANDE GROUP
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Mean consensus HOLD
Number of Analysts 12
Last Close Price 2,56 HKD
Average target price 11,13 HKD
Spread / Average Target 335%
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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