Word: bankses
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The good news for China and its trading partners is that its banks are relatively well prepared for the current slowdown, and the government has already cut interest rates once in response to slowing growth and has ample leeway for further cuts. The bad news is that it's probably...
That's because credit markets, which affect the ability of businesses and governments to borrow to fund day-to-day operations, continue to tighten in Asia as banks become more nervous about lending. In Hong Kong, the one-month interbank lending rate has doubled in the past month to 4...
China's markets, of course, have a long way to go before they are as open and accessible to global capital flows as those in New York, London or Tokyo. But Chinese regulators believe the slow, deliberate pace of reform has helped insulate the country from the worst of the...
That doesn't mean China hasn't been nicked already by the crisis. It has. Its banks have an estimated $12 billion in exposure to subprime debt in the U.S., a figure some analysts believe is understated. Its sovereign wealth funds have lost tens of millions of dollars on poorly...
Europe was looking askance not just at the U.S., but also at tiny Iceland, whose government on Monday completed what amounts to an emergency seizure of its oversized banking sector. Prime Minister Geir Haarde went on television Monday night to warn his compatriots that "the Icelandic economy, in the worst...