What are the systemic risks of an Evergrande collapse?

authorities are honing a new skill: the “marketised default”—or an orderly market exit and well-managed restructuring for troubled companies. The term has surfaced in government documents as regulators manage larger, more frequent and highly complex defaults. They have had some successes. Evergrande, a massive Chinese property developer on the brink of collapse, is proving to be anything but.The company, the world’s most indebted property firm with $300bn in liabilities, said on September 22nd that it had come to an agreement with bondholders on a coupon payment on an onshore bond due this week, easing some fears of an imminent collapse. Analysts had been expecting the company to default on both yuan- and dollar-denominated interest payments. The fate of the dollar-bond payments, due as went to press, was unclear. On September 23rd The People’s Bank of China, the central bank, injected more short-term liquidity into the financial markets than it has since late-January, in a sign it was attempting to soothe market concerns about an Evergrande default.