China Evergrande Group s defaulted offshore bonds are trading at just 1 cent on the dollar following a Hong Kong court order for the company s liquidation, highlighting the dangers of trying to bargain with the Communist Party.
The Federal Reserve’s policy tightening and the recent banking-sector crisis are weighing on the US economy, which is staring at a possible recession in 2024, Daniel Ivascyn, Pimco’s CIO, tells the Post.
China’s bond market is beginning to look up as the country reopens and government rescue plan for the property sector kicks in. But the market will remain volatile compared with developed markets.