Posts Tagged ‘China’

South China Morning Post: China stops its banks from lending to U.S. banks

  • Mainland regulators have told domestic banks to stop lending to United States financial institutions in the interbank market in a bid to prevent possible losses during the financial crisis, industry sources said yesterday.
  • The ban from the China Banking Regulatory Commission (CBRC) applied to interbank lending of all currencies to US banks but not to banks from other countries, a source said.
  • Mainland banks had US$9.8 billion in exposure to US subprime loans at the end of last year and US$25 billion to Fannie Mae and Freddie Mac by June 30.
” The Shanghai Composite briefly fell below the key psychological level of 3,000 yesterday, down 50pc from its peak. “
” In the period since early March, coal reserves have slumped by 12 per cent to 46.7 million tonnes, according to the commission. “