HONG KONG: The Covid-19 coronavirus outbreak will add $100 billion in credit losses to banks in the Asia-Pacific region this year with Chinese lenders bearing the brunt of the damage, according to S&P Global Inc.
"Some activity will be lost forever, ” Shaun Roache, S&P’s Asia-Pacific chief economist, wrote in a note on Tuesday. "We estimate an income loss of about $211 billion, which will blow a hole in balance sheets across the region.”
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