It's becoming increasingly clear that Beijing is using Evergrande as a financial weapon. The latest evidence of this is how Evergrande is honoring its debt to local Yuan based debt while defaulting on offshore Dollar denominated debt.
This will have the effect of causing maximum damage abroad, while minimizing damage in China. Beijing is using Evergrande in much the same way it used its virus to strengthen its relative position in the world.
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| Xi Jinping |
By Palácio do Planalto - https://www.flickr.com/photos/palaciodoplanalto/47945730807/, CC BY 2.0, Link
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