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Old 19th November 2007, 06:43 AM
touchring's Avatar
Join Date: Dec 2005
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China reached loan quota for this yr, loan moratorium rumored.

Sorry, you can't have your personal loan because we reached our quota for this year. Please come back on the 2nd Jan 2008.
I guess the communist party is determined not to have a subprime problem, but will a loan moratorium, a.k.a the regulator imposed credit crunch work? :o

Asian Stocks Fall After China Tells Banks to Cool Lending

By Darren Boey and Chua Kong Ho

Nov. 19 (Bloomberg) -- Asian stocks fell, led by China Mobile Ltd., after Chinese regulators told banks to cool lending that has fueled the world's fastest economic expansion.

China Mobile, the world's largest mobile-phone operator by users, and Industrial and Commercial Bank of China Ltd., the nation's biggest lender, dropped for a third day in Hong Kong. Mitsubishi Corp., Japan's largest trading company, slid to a 12- week low in Tokyo.

``What is Asian growth without China?'' said Leslie Phang, who helps oversee $1 billion at Commonwealth Private Bank in Singapore. ``If China goes, everything else goes.''

The Morgan Stanley Capital International Asia Pacific Index lost 0.4 percent to 157.74 as of 3 p.m. in Tokyo, bringing this month's drop to 7.9 percent. Six of the measure's 10 industry groups fell.

Japan's Nikkei 225 Stock Average declined 0.7 percent to 15,042.56. Benchmarks slid across the region except in Australia, the Philippines, and India. New Zealand's benchmark was little changed.

China Mobile lost 1.1 percent to HK$131.80 in Hong Kong, the biggest single contributor to the drop in the city's Hang Seng Index. Mitsubishi fell 3.5 percent to 3,000 yen. Mitsui & Co., Japan's second-largest trading company, slid 5.7 percent to 2,325 yen, the biggest drag on the Topix index.

The China Banking Regulatory Commission said it's giving ``guidance'' to banks to cool lending that's already topped its goal of 15 percent growth this year and threatens to overheat the world's fastest-growing major economy.

The regulator denied a Wall Street Journal report today that it had ordered banks to freeze this year's lending at Oct. 31 levels. A 15 percent ceiling on loan growth is ``informal guidance, not a hard target,'' said Lai Xiaomin, the commission's Beijing-based spokesman.
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