October 20, 2021
Economy

Dollar climbs as Evergrande uncertainty swirls

U.S. dollar banknotes are seen in this photo illustration taken February 12, 2018. REUTERS/Jose Luis Gonzalez/Illustration/File Photo

NEW YORK, Sept 24 (Reuters) – The dollar was on track for its biggest daily percentage gain against a basket of major currencies in a week on Friday, as uncertainty over beleaguered Chinese property developer Evergrande helped the greenback bounce back from a sharp decline in the prior session.

China Evergrande Group (3333.HK) 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. read more

The safe-haven dollar had its biggest one-day percentage drop in about a month on Thursday after Beijing injected new cash into the…

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