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European fund giant Amundi says it has US$25 million China Evergrande exposure

European fund giant Amundi says it has US$25 million China Evergrande exposure

FILE PHOTO: The Amundi company logo is seen at their headquarters in Paris, France, October 7, 2015. REUTERS/Philippe Wojazer

LONDON: Europe's biggest asset manager Amundi's exposure to troubled Chinese property giant China Evergrade Group is currently US$25 million, less than 10per cent of what it was earlier in the year, a spokesman for the US$2 trillion fund firm told Reuters on Friday.

EMAXX data, which provides details of funds' holdings based on their latest public disclosures, shows Amundi held around US$300 million worth of Evergrande's international market bonds back in March, making it the biggest overall holder at that time.

Back then Evergrande's international bonds, which add up to nearly US$20 billion in total, were worth around 90 cents on the dollar but have slumped to 25-30 cents this month as worries have mounted about its finances.

Source: Reuters

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