Whoops - Chinese banks told not to invest in US banks
Now this is not good --
from Reuters/South China Morning Post:
China banks told to halt lending to US banks-SCMP
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.
Well, at least we know who our real friends are (as if we didn't already)...
Posted by DaveH at September 25, 2008 11:03 AM