Evergrande - China’s second-largest real estate developer could fail soon with over $300B of debt. Real estate is 25% of the Chinese market so having the second-largest developer fail is a major alarm.
BitCoin & Crypto banned- This shows again that China has to control their currency and as their economy approaches a potential crash (communism won’t allow a massive crash because they micromanage from the bottom up) this becomes even more important for them. Since they control their currency, the $300B failure of Evergrande can be worked out. If they didn’t have control of the currency, credit would dry up leading to a crash. BTW, I’m pretty sure I said China would ban BitCoin and Crypto back in Jan or Feb 2021. This pulls 1/8 of the world population out of the market which will have an impact especially when that 1/8th is located in the second largest economy in the world. China very well could be attempting to stabilize their currency to attempt to make it the world currency. I just don’t believe the world outside of Iran, Russia, and North Korea trust them.
