China Banks Halt Lending to US Banks

[RayH]

China banks told to halt lending to US banks-SCMP
Wed Sep 24, 2008 9:52pm EDT

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)

[surreal]

Wow, I'm not sure if it's good or bad. I guess they know that they probably won't see previously loaned monies returned too quickly now. Hmmm

OK, so you posted this, what do you think that it means for the US?

Oops! Not so fast...

CBRC denies report on lending ban to U.S. banks
English_Xinhua 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.

[RayH]

China is a major source of money for the US.

[M_Six]

If you can't trust China, who can you trust?

[RayH]

If you can't borrow money from thems that gots it, who can you borrow from?

[surreal]

Well, since this story was reported as not being true, what's the point?
Or do you think that it is true?

[RayH]

Loose lips sinks ships! Of course China is going to continue to lend to deadbeats.

[surreal]

Otherwise where will the deadbeats get the money to pay back earlier loans?

[pickel]

Quote:

Originally Posted by surreal

Otherwise where will the deadbeats get the money to pay back earlier loans?

I pay my OWN way. Wish the deadbeats would do the same.
Screw China and the horse they rode in on and ALL the greedy bastards( Bush and, well, it's ALL his fault) that got us into this mess.

[RayH]

Pickle, you're going to pay the way for the bankers, also!!!! They're broke.