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China tells banks to halt lending
Posted By admin On January 21, 2010 @ 5:03 am In Money Watch | Comments Disabled
Jamil Anderlini, Sundeep Tucker and Jennifer Hughes
Thursday, January 21st, 2010
Chinese regulators have told some banks temporarily to halt lending amid growing fears of asset bubbles and inflation.
The renewed efforts to rein in credit growth after a burst of frantic lending activity by Chinese banks that have raised concerns about overheating in the Chinese economy.
The crackdown prompted stock market falls around the world as investors worried that China’s tightening could cool its strong growth and dent expectations for the global recovery.
“This sort of baby step tightening doesn’t look like much but when you’ve had such rampant credit growth, it doesn’t take much for it all to end in tears,” said Albert Edwards, global strategist at Société Générale.
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