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Strategies & Market Trends : Waiting for the big Kahuna

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To: bobby beara who wrote (34653)	11/30/1998 7:40:00 PM
From: Haim R. Branisteanu	Read Replies (1) of 94695

China's central bank pledges no more ignoring problems Copyright © 1998 Nando Media Copyright © 1998 The Associated Press BEIJING (November 30, 1998 08:57 a.m. EST nandotimes.com) -- China's central bank chief has pledged tougher regulation of the shaky banking sector, warning that risks to the country's financial system "can no longer be ignored." In an article published Monday in the ruling Communist Party's People's Daily, People's Bank of China governor Dai Xianglong cited rising debts among state banks, small financial firms and local government-run trust and investment houses. Dai said there were too many trust and investment companies, which act as investment arms of local governments, and many were putting short-term deposits into speculative property ventures. The People's Bank shut down the Guangdong International Trust and Investment Corp. in October because it couldn't pay $2 billion in debts. In the People's Daily article, Dai said "several" of the 240 local trust companies "now face difficulties" because of inadequate supervision. ______________________________________________________ Should we belive them or is this a prelude of an unforseen problem BWDIK Haim

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