China cannot avoid being impacted by the US banking crisis given how highly exposed it is to American consumers and Europe's economy, former Lehman Brothers executive Lawrence McDonald told Sputnik
WASHINGTON (Pakistan Point News / Sputnik - 22nd March, 2023) China cannot avoid being impacted by the US banking crisis given how highly exposed it is to American consumers and Europe's economy, former Lehman Brothers executive Lawrence McDonald told Sputnik.
On March 10, federal regulators took over Silicon Valley Bank (SVB) in the largest US bank to collapse since the 2008 financial crisis and the second largest implosion in the country's history. Two days later, the New York-based Signature Bank was seized in the third largest bank collapse in US history, which forced the federal government to take emergency measures and guarantee deposits to stem the crisis.
"China is very exposed to the European economy and the US consumer, so China doesn't avoid this at all," McDonald said.
