Chinese Banks Get Drastic Instructions from Government

China directed banks to increase credit to struggling real estate developers on Sunday in an effort to address the nation’s growing debt crisis, The Wall Street Journal reported.
The China Banking and Insurance Regulatory Commission (CBIRC) instructed banks to provide additional funds to eligible property developers whose projects have stalled, The WSJ reported. Analysts estimated that China’s at-risk mortgages amount to between $150 billion and $370 billion.
Evergrande, one the coun