XIAOZU WANG

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Curbing bank lending won't solve problem of China's financial system

Last week, Chinese banks ran out of money. As they were scrambling for more funds to meet the regulatory requirements, the overnight interbank borrowing rate briefly topped 30 per cent. The ripples went around the world, sending stock markets tumbling like dominos. It immediately focused attention on the health of Chinese banks, and the calls for reining in bank credit are getting louder.

29 Jun 2013 - 4:26AM

Last week, Chinese banks ran out of money. As they were scrambling for more funds to meet the regulatory requirements, the overnight interbank borrowing rate briefly topped 30 per cent. The ripples went around the world, sending stock markets tumbling like dominos. It immediately focused attention on the health of Chinese banks, and the calls for reining in bank credit are getting louder.

Curbing bank lending won't solve problem of China's financial system