China banks told to halt lending to US banks

[L.A. BRONCOS FAN]

BEIJING, Sept 25 (Reuters) - Chinese regulators have told domestic banks to stop interbank lending to U.S. financial institutions to prevent possible losses during the financial crisis, the South China Morning Post reported on Thursday.

The Hong Kong newspaper cited unidentified industry sources as saying the instruction from the China Banking Regulatory Commission (CBRC) applied to interbank lending of all currencies to U.S. banks but not to banks from other countries.

"The decree appears to be Beijing's first attempt to erect defences against the deepening U.S. financial meltdown after the mainland's major lenders reported billions of U.S. dollars in exposure to the credit crisis," the SCMP said.

A spokesman for the CBRC had no immediate comment. (Reporting by Alan Wheatley and Langi Chiang; editing by Ken Wills)

http://www.reuters.com/article/marketsNews/idUSPEK16693720080925

[baja]

Not to worry all the friends Bush made these last 8 years will come to our rescue... Wait a minute we don't have any friends, thanks George.

[L.A. BRONCOS FAN]

Not to worry all the friends Bush made these last 8 years will come to our rescue... Wait a minute we don't have any friends, thanks George.

Dim Son can always go cap in hand to his old family friend for the $700 billion...

http://www.hermes-press.com/bush_kiss.jpg

[sisterhellfyre]

BEIJING, Sept 25 (Reuters) - Chinese regulators have told domestic banks to stop interbank lending to U.S. financial institutions to prevent possible losses during the financial crisis, the South China Morning Post reported on Thursday.

I've been expecting something like this for some time. Now things will get really interesting.

As the Chinese blessing/curse says, "May you live in interesting times."

Regards,
m.

[Rohirrim]

I've been expecting something like this for some time. Now things will get really interesting.

As the Chinese blessing/curse says, "May you live in interesting times."

Regards,
m.

They also say, "Running an empire is like cooking a very small fish." ;D

[Traveler]

then who are we borrowing the $700,000,000,000 from?

[L.A. BRONCOS FAN]

then who are we borrowing the $700,000,000,000 from?

http://garlinggauge.com/wp-content/uploads/2007/09/bush_kiss.jpg

Only this time Dubya will have to let the prince get to at least second base.

[Hotrod]

Man who stand on toilet is high on pot

Oh and by the way were ****ed

[alkemical]

Man who stand on toilet is high on pot

Oh and by the way were ****ed

A ZEN STORY by Camden Benares, The Count of Five Headmaster, Camp Meeker Cabal A serious young man found the conflicts of mid 20th Century America confusing. He went to many people seeking a way of resolving within himself the discords that troubled him, but he remained troubled.

One night in a coffee house, a self-ordained Zen Master said to him, "go to the dilapidated mansion you will find at this address which I have written down for you. Do not speak to those who live there; you must remain silent until the moon rises tomorrow night. Go to the large room on the right of the main hallway, sit in the lotus position on top of the rubble in the northeast corner, face the corner, and meditate."

He did just as the Zen Master instructed. His meditation was frequently interrupted by worries. He worried whether or not the resr of the plumbing fixtures would fall from the second floor bathroom to join the pipes and other trash he was sitting on. He worried how would he know when the moon rose on the next night. He worried about what the people who walked through the room said about him.

His worrying and meditation were disturbed when, as if in a test of his faith, ordure fell from the second floor onto him. At that time two people walked into the room. The first asked the second who the man was sitting there was. The second replied "Some say he is a holy man. Others say he is a ****head."

Hearing this, the man was enlightened.

[DenverBrit]

CBRC denies report on lending ban to U.S. banks
www.chinaview.cn 2008-09-25 19:13:11 Print

BEIJING, Sept. 25 (Xinhua) -- The China Banking Regulatory Commission (CBRC) on Thursday denied a media report in Hong Kong that it has told domestic banks to halt interbank lending to U.S. banks.

"The regulator has never, through any channel, issued a statement or told domestic commercial banks not to lend to U.S. financial institutions," the CBRC said in a statement.

The South China Morning Post reported on Thursday that the regulator ordered local banks to halt interbank lending to U.S. banks to avoid possible losses during the financial crisis.

The newspaper cited unidentified sources as saying that the ban applied to interbank lending of all currencies to U.S. banks but not to banks from other countries.

The South China Morning Post had carried an irresponsible report without seeking verification, said the statement. It added that the regulator condemned this and reserved the right to ascertain legal responsibility.

http://news.xinhuanet.com/english/2008-09/25/content_10113092.htm

[Hotrod]

CBRC denies report on lending ban to U.S. banks
www.chinaview.cn 2008-09-25 19:13:11 Print

BEIJING, Sept. 25 (Xinhua) -- The China Banking Regulatory Commission (CBRC) on Thursday denied a media report in Hong Kong that it has told domestic banks to halt interbank lending to U.S. banks.

"The regulator has never, through any channel, issued a statement or told domestic commercial banks not to lend to U.S. financial institutions," the CBRC said in a statement.

The South China Morning Post reported on Thursday that the regulator ordered local banks to halt interbank lending to U.S. banks to avoid possible losses during the financial crisis.

The newspaper cited unidentified sources as saying that the ban applied to interbank lending of all currencies to U.S. banks but not to banks from other countries.

The South China Morning Post had carried an irresponsible report without seeking verification, said the statement. It added that the regulator condemned this and reserved the right to ascertain legal responsibility.

http://news.xinhuanet.com/english/2008-09/25/content_10113092.htm


Thats better

[c_lazy_r]

Thats better

We're still ****ed...

[Hotrod]

We're still ****ed...


Agreed

[Bronco Bob]

Well, it was a fun story while it lasted.

[kappys]

I suspect the story could well be true. It was probably never meant for public hearing.

[L.A. BRONCOS FAN]

Thats better

It depends on which Chinese newspaper you choose to believe.

[Bronco Bob]

It depends on which Chinese newspaper you choose to believe.

Especially since I don't know how to read Chinese and so have to depend
on an interpreter to translate it into English.

[DenverBrit]

From WSJ.
U.S. financial woes reverberate in Asia markets
China bank regulator denies media report of lending ban to U.S. institutions
By Lisa Twaronite, MarketWatch
Last update: 6:26 p.m. EDT Sept. 25, 2008
SAN FRANCISCO (MarketWatch) -- China's government moved to calm financial markets Thursday and denied a report that it had ordered mainland banks to curb lending to U.S. banks, a day after rumors of financial stability led to a run on a Hong Kong institution.
The China Banking Regulatory Commission moved to quash a South China Morning Post report Thursday that said Chinese regulators have told domestic banks to stop interbank lending to U.S. financial institutions.
"The CBRC has never, through any channel, released a statement or ordered domestic commercial banks not to lend to or borrow from U.S. financial institutions," the regulator said in a statement on its Web site.
On Wednesday, customers swarmed Bank of East Asia Ltd. (HK:0023: news, chart, profile) branches to withdraw funds, following text-message rumors about the lender's stability.
"I think mainland policy-makers are well aware of the damage that rumors can cause -- like the Hong Kong bank run -- and so appear extra sensitive to making sure negative rumors don't spread," said Win Thin, senior currency strategist at Brown Brothers Harriman.
Liu Mingkang, chairman of the CBRC, said a statement posted on the commission's Web site that Chinese banks should learn from the U.S. crisis and closely watch for changes and unforeseen events in the international economic and financial sector.
China's joint-stock commercial banks had an average capital-adequacy ratio of 10.1% and nonperforming loan ratio of 1.65% by the end of June, the statement said.
"Clearly, fear and stresses remain strong in the global financial system, but we note that for the most part, Asian financial institutions have largely dodged the subprime bullet," said Brown Brothers Harriman's Thin.
Hong Kong Monetary Authority Chief Executive Joseph Yam told reporters Wednesday that Bank of East Asia was highly capitalized and highly liquid, with minimal exposure to failed Lehman Brothers Holdings (LEHMQ
Lehman Brothers Holdings Inc

Yam reportedly said depositors are well-protected throughout Hong Kong's banking system, and that the HKMA -- Hong Kong's de facto central bank -- would be ready to provide liquidity to Bank of East Asia if needed, but that no such request had been made.
Cheung Kong Holdings Ltd. (HK:0001: news, chart, profile) confirmed Thursday its chairman Li Ka-shing bought shares in Bank of East Asia Ltd. with his own funds on Wednesday.
MarketWatch's Moming Zhou in New York contributed to this report.

http://www.marketwatch.com/news/story/china-bank-regulator-denies-report/story.aspx?guid={1F3681AC-2953-4963-99EC-57BECF1E9291}&print=true&dist=printMidSection