Who catches a cold when Europe sneezes?
The European debt crisis, which has pummelled global markets and is taking a heavy toll on its banks, is threatening to spill over into the Asian banking sector as the region’s lenders calculate their own exposure to the crisis – direct or otherwise.
Asian banks’ direct exposure to troubled European banks, bonds and economies is relatively small, with Japanese groups’ holdings of bonds dwarfed by their Japanese government bond holdings. Meanwhile, Chinese banks largely conduct all their business in the domestic market and so have very little exposure.
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