Davina asks…
So how do you like it now that China has Ordered a Halt Interbank Deals with U.S. Firms?
Mainland Lenders Ordered to Halt Interbank Deals with U.S. Firms
By Jane Cai and Adam Chen
South China Morning Post, Hong Kong
Thursday, September 25, 2008
http://www.scmp.com
BEIJING — Mainland regulators have told domestic banks to stop lending to United States financial institutions in the interbank market in a bid to prevent possible losses during the financial crisis, industry sources said yesterday.
The ban from the China Banking Regulatory Commission (CBRC) applied to interbank lending of all currencies to US banks but not to banks from other countries, a source said.
The CBRC was not available for comment yesterday.
The decree appears to be Beijing’s first attempt to erect defences against the deepening US financial meltdown after the mainland’s major lenders reported billions of US dollars in exposure to the credit crisis.
Lending transactions on the mainland interbank market totalled 10.65 trillion yuan (HK$12.17 trillion) last year, according to the People’s Bank of China.
In the first eight months of this year, transactions totalled 10.11 trillion yuan, up 104 per cent from a year earlier.
At the end of last year, the mainland interbank market had 717 members, including banks, securities companies and trust companies.
Another banking source said the CBRC issued the ban after obtaining data about the exposure of mainland banks to bonds issued by bankrupt Lehman Brothers Holdings.
Top officials said they were keeping a close watch on the crisis and warned mainland financial institutions to be cautious in their daily business and overseas expansion.
“The international transaction volume of Chinese banks is not big. Those concerning subprime loans are probably lower than US$10 billion,” deputy central bank governor Ma Delun wrote this week in the China Business Post, a People’s Bank of China-affiliated newspaper.
But the deteriorating situation in the US has shocked top officials.
Mr Ma said that among the unexpected developments was the effect the crisis was having on normal assets, not just problematic assets; its impact on the whole credit market, not just single products; and its effect on Europe and other nations, not only the US.
The exposure of seven listed mainland banks to bonds related to Lehman Brothers totalled US$721 million.
Mainland banks had US$9.8 billion in exposure to US subprime loans at the end of last year and US$25 billion to Fannie Mae and Freddie Mac by June 30.
admin answers:
This comes as no surprise to me. I tend to believe that this has much to do with a recent deal that we’ve made and are planning on following through with, having to do with weapons sales to Taiwan:
Washington — The Bush administration announced plans Friday to sell up to $6.5 billion in arms to Taiwan, a decision sure to anger Taiwan’s rival China and one that could complicate stalled North Korean disarmament efforts.
The announcement of the package, which includes Apache helicopters and Patriot III missiles, came in a notification to Congress posted on the Defense Security Cooperation Agency Web site. The State Department said lawmakers, who were expected to leave Washington on Friday to campaign for November elections, have 30 days to comment on the proposed sale. Without objections, the deal would proceed.
The arms package enjoys support among senior lawmakers, who were briefed on the deal by administration officials. China, however, vehemently opposes the provision of weapons to Taiwan.
This is not the greatest site as a source, but all you have to do is google this and you’ll find plenty more.
Jemima asks…
I have a NGO in Nepal, as a fund raising process we are looking for the partner to promote our N Go’s garment.?
Dear Sir/ Madam
With warm and humble request, Green World Connection (GWC) would like to submit its request letter to contribute your time and skill in GWC nonprofit sustainability program.
Green World Connection (GWC) is non -governmental, social, volunteering organization; working in youth empowerment and community development sector in Nepal. GWC aims to appraisal the need assessment of Nepalese communities, design the short term program to bring positive changes and implement the designed program through local and international volunteers. GWC brings people together and share skills, creativity, learning and go with innovative approach in leadership development, agriculture, natural resource management, and community development. GWC provide sound environment to learn, research and show the creativity of people.
Announcement
We would like to welcome entire volunteers, social workers and professionals to participate in our non profitable program to aid Nepalese communities. Likewise we would like to request entire interested people in finding the garment buyer to promote our garment product in your locality. As a fundraising process and organizational sustainability, we are looking for the partnership to promote our garment products in international market. We have 100 machines, 250 working member and have ability to produce the perfect product in given time. For ease environment we have affiliated with the pioneer import/ export corporate organization of Nepal (S.K Traders and Exporters Pvt. Ltd).
GWC Volunteering Program
•Volunteering in teaching program
•Volunteering in Community health program
•Volunteering in Environmental program
•Volunteering in Community Development program
•Volunteering in Agricultural development program
GWC Fundraising Program
•Garment business (we are looking for the business partner to promote Nepalese garment product in international market)
View our sample product:
“Please forward this Mail to your contacts “
With regards
Green World Connection (GWC)
Atithi Marga, Tinkune, Kathmandu, Nepal
Web: www.volunteerallnepal.org/ www.greenworldconnections.com/ www.travelallnepal.org
Mail: info@volunteerallnepal.org
Phone: 00977-01-4117515
admin answers:
For anyone interested in this org – do some homework first!
Vetting Organizations in Other Countries
http://www.coyotecommunications.com/volunteer/vetting.html
Graham asks…
What can any competent leader do against a free market that creates such corporations as BP, Exxon, etc?
I don’t buy that right wing nonsense about Obama this or that, concerning unemployment or anything else he has to deal with or chooses to act on.
These self-proclaimed “Small Government” republicunts would give more power to the corporations while spewing garbage about how they support small business and centralizing power away from any fair legislation.
The 1 thing Obama did do was try to listen to these republicunts at first. That was nice of him, but it was stupid. And that was his only mistake.
I can think of a few conservatives here on Y!A regularly that do not affiliate with the GOP and might see my point. I hear there are also the republicans that quit the republicunt party after being fed up by the choice of Sarah Palin, among many other dumb decisions, Sarah Palin being one not because she is female but because … of the blatantly obvious.
So my question is; Do you right wingers here tonight actually believe the stuff that you are saying half of the time?
Are you dense? Stupid? I’m not calling you stupid, I’m asking what you are. You’re doing it again, just what I said you do all along.
You are not small government. You don’t want to limit power at all. You just don’t have to give power away.
Lies, Lies, Lies.
^Asking if you are
admin answers:
In answer to your Question, The leader could put price control of necessities back in force. The deregulation of what oil co’s could charge for gasoline is what caused this trouble we are in at present. Why cant people understand this.
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