Cataclysms are brewing in the global stock markets. China.
All because of the situation with one of the largest developers in China – China Evergrande Group, which found itself on the verge of default (debt size ~ $ 300 billion).
The possible bankruptcy of the company will hurt not only the Chinese economy (remember Lehman Brothers).
Deposits in Chinese banks are about to $35 trillion, which is twice the size of the United States. Chinese financial crisis will lead to unforeseen circumstances and will affect all world markets.
Industrial production has negative rates in China. Now it is near the lowest level since the global financial crisis.
The devaluation of the yuan seems inevitable.