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. China Central Bank Says Direct Impact Of US Subprime Crisis Limited

by Staff Writers
Beijing (AFP) March 6, 2008
The direct impact of the US subprime crisis on the Chinese economy has so far been limited, but policy makers should pay attention to possible ripple effects, China's central bank chief said Thursday.

"As of now, the crisis has not yet run its course, and it shouldn't be ignored," said Zhou Xiaochuan, governor of the People's Bank of China, speaking on the sidelines of the ongoing annual meeting of the nation's parliament.

"In terms of the direct impact... the proportion of subprime investments accounted for by Chinese financial institutions is relatively small, and they can handle it," he said.

"In terms of the indirect impact, the US economy may influence the global economy, for instance when it comes to trade, and there may be some further effects, so we need to wait and see."

A third possible impact was in the form of the US Federal Reserve's interest rate cuts, which might loosen liquidity, with an impact on China's monetary policies, he said.

A number of Chinese lenders, including Bank of China, have reported limited exposure to subprime assets.

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Klepto-Capitalism Drives Sub Prime Meltdown
Washington DC (UPI) Mar 06, 2008
The bursting of the housing bubble, which punctured the credit bubble, was a criminal enterprise at the outset, pooh-poohed at first by those who should have known better, that has now triggered a global economic crisis. The U.S. prison population is at an all-time high with 2.3 million behind bars, but the subprime con men/women are enjoying the fruits of their scams.

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