China banks told to halt lending to US banks

[darkbeaver]

Do all you guys accept this news as a matter of faith, as a matter of your own belief system ?

Let's check the claim of this news artice that Chinese regulators are telling chinese bankers not to lend any more to the United States.

Hmmm...

I wonder what helping the US crash will do to their huge investments in America?

I think the truth is more interesting than this latest urban myth.

You're teasing us Uncle Jim, tell us what is what.Why do you make us wait for the ending when you have a viable alternative, we've poured our hopes and fears out to you with abandon and you have nothing for us in return but a knowing reluctant caution. Oh and us faithful believers in the news have that in common with you Mr Phoniex Rising from the Iraqi Dust Man.:lol:

 

[Scott Free]

Do all you guys accept this news as a matter of faith, as a matter of your own belief system ?

Let's check the claim of this news artice that Chinese regulators are telling chinese bankers not to lend any more to the United States.

Hmmm...

I wonder what helping the US crash will do to their huge investments in America?

I think the truth is more interesting than this latest urban myth.

The story is from Reuters. It's not like it was CNN, FOX or some other political affiliated government agency. :roll:

 

[darkbeaver]

Still I'v read rumours of Reuters.

 

[Scott Free]

Still I'v read rumours of Reuters.

China Won't Lend to U.S. Banks" Story Untrue


"It's Ungrounded," Chinese Regulatory Official Tells Dow Jones Newswires


Hong Kong's South China Morning Post reported on March 25 that domestic Chinese banks had been told to stop lending to U.S. financial institutions to shield the country from the unfolding financial crisis. ("Mainland lenders ordered to halt interbank deals with US firms," Sept. 25, 2008, Hong Kong time.)

Dow Jones Newswires later refuted the story in an article based on an interview with an official from the China Banking Regulatory Commission. ("China Regulator: Report On Halting Lending To US Banks Untrue," Sept. 24, 2008, 11:22 p.m. E.T. )

"I've never heard of this. It's ungrounded," the official told Dow Jones Newswires.

China's central bank is one of the world's biggest buyers of U.S. Treasury bonds. Chinese government-owned financial institutions also hold significant quantities of U.S. equities.

China Investment Corp., for example, a $200 billion sovereign wealth fund, owns large stakes in both the private equity firm Blackstone Group and Morgan Stanley, according to the Financial Times.

As stock prices have slid, they have lost a great deal on both these investments. Because of this, China has resisted buying further stakes in U.S. financial institutions, and has stayed on the sidelines while the U.S. financial crisis has expanded.

Chinese officials apparently don't want to be seen as investing "dumb money," the Financial Times reported ("Prudence guides China's outlook," Sept. 24, 2008).

Source

Apparently it wasn't true - I'm glad to hear it actually.

 

[darkbeaver]

Now I'm suspicious.

 

[Scott Free]

Why? You were right.

I always liked Reuters but I guess I'll have to be more careful from now on.

 

[darkbeaver]

I was right, that's why I'm suspicious. But I have read bad things about Reuters. The employed media is a slippery thing, some very good writers are telling some very big lies very well. If you don't read at least four no three no five storys you'll never be able to sleep with the suspicion that you've been had again. That jesus story really bothered me Scott, I'v been paranoid ever since.

 

[Scott Free]

In fairness to me though I didn't claim it was factual and I posted it as soon as it broke.

 

[darkbeaver]

Dow Jones Newswires later refuted the story in an article based on an interview with an official from the China Banking Regulatory Commission. ("China Regulator: Report On Halting Lending To US Banks Untrue," Sept. 24, 2008, 11:22 p.m. E.T. )

In fairness to you I'll believe the Reauters Story the links in your followup post go to an outfit called AC something or other and not to specific articles that I could see. Dow Jones Newswires is my problem, they have strong reasons to refute the original story, a definite conflict of interest.

 

[Socrates the Greek]

Do all you guys accept this news as a matter of faith, as a matter of your own belief system ?

Let's check the claim of this news artice that Chinese regulators are telling chinese bankers not to lend any more to the United States.

Hmmm...

I wonder what helping the US crash will do to their huge investments in America?

I think the truth is more interesting than this latest urban myth.

China asks local lenders not to lend to U.S. banks:report


http://www.marketwatch.com/news/story/china-asks-local-lenders-not/story.aspx?guid=%7B389CCD2E%2D9D08%2D4A8B%2DA512%2DF1B3E0B0BE19%7D&dist=hplatest

By V. Phani Kumar
Last update: 10:28 p.m. EDT Sept. 24, 2008

Comments: 151

HONG KONG (MarketWatch) -- Chinese regulators have asked domestic banks to stop lending to U.S. financial institutions in the interbank money markets to prevent possible losses during the financial crisis, the South China Morning Post reported Thursday. The China Banking Regulatory Commission's ban on interbank lending of all currencies applied to U.S. banks, but not to lenders from other countries, the report added, citing a source.

 

[Zzarchov]

I should point out regardless of the veracity of this story, Chinese Newspapers are not designed to be bastions of truth like we hold our own media too, they are an entertainment medium, much closer to the National Enquirer or Fox News than a real news media organization.

 

[Socrates the Greek]

I should point out regardless of the veracity of this story, Chinese Newspapers are not designed to be bastions of truth like we hold our own media too, they are an entertainment medium, much closer to the National Enquirer or Fox News than a real news media organization.

Hilary Clinton on one of her speeches confirmed that,
“America is borrowing money from China to pay for oil purchased from the Arabs.....
This is not fabricating a conspiracy theory….
The two present wars America got caught in because of Bush has cost this far the American tax payer in the Trillion mark…..if the American economy has reached this point no wander the lenders such as Chine would exercise coution……..

If the economy in the US stays in the tank for the next 5 years, the Trillion of debt because of the two wars will take 500 man working years to pay that debt off……..
And only if the economy stays in the tank for 5 years…………If America goes into a slump longer they will be in the same financial position as Japan…..

 

[darkbeaver]

I should point out regardless of the veracity of this story, Chinese Newspapers are not designed to be bastions of truth like we hold our own media too, they are an entertainment medium, much closer to the National Enquirer or Fox News than a real news media organization.

Yes of course Zzarchov the Chinese Newspapers are unreliable and evil bastions of godless commonism. "Bastions of truth like we hold our own media too"????????????? Why does god hate me? Zzarchov has better grass than I do. Why has she deserted me for this congenital idiot, a National Inquirer reader. I should point out that you are always very stoned.:lol:

 

[Zzarchov]

Yes of course Zzarchov the Chinese Newspapers are unreliable and evil bastions of godless commonism. "Bastions of truth like we hold our own media too"????????????? Why does god hate me? Zzarchov has better grass than I do. Why has she deserted me for this congenital idiot, a National Inquirer reader. I should point out that you are always very stoned.:lol:

Uh huh, Or I could just ask my Chinese Inlaws the point of Newspapers in China and they can tell me "Newspapers are just for fun in China, no one takes them seriously because they aren't meant to be serious", The idea of newspaper being the voice of truth is a western cultural ideal and isnt universal.

Different cultures have different mediums they use for official events and stories. As China becomes westernized newspapers may become part of that media, but that was not their original intention anymore than Comic Books are how news is distributed in the west.

 

[Lester]

Who has more to lose in regards to this story-
China.. they are exposed to 2 billion in interbank dealings, a drop in the bucket to them.
U.S.A.. Theyre trying to avoid a panic and a run on their banks.

Who has more to lose/gain? Associated content is exactly what it says it is they provide content for websites, written by obscure freelancers.

I went to the DowJones wire site and I could find no mention of this... WTF something fishy with Associated Content

 

[darkbeaver]

Uh huh, Or I could just ask my Chinese Inlaws the point of Newspapers in China and they can tell me "Newspapers are just for fun in China, no one takes them seriously because they aren't meant to be serious", The idea of newspaper being the voice of truth is a western cultural ideal and isnt universal.

Different cultures have different mediums they use for official events and stories. As China becomes westernized newspapers may become part of that media, but that was not their original intention anymore than Comic Books are how news is distributed in the west.

Have you just gotten off the boat Zzarchov? Nobody but the budgies and hamsters believe the western press is the voice of truth. It's the voice of money Zzarchov. Everything is for sale. Comic books is exactly how news travels in the west Zzarchov a toon like you wouldn't see that though, maybe your artist will get you better colours next week. Oh yeah, I remember you making reference to "in-laws" from at least three other locations on previous posts.:lol:

 

[Lester]

Sept 26th update.. I guess it's not so untrue afterall http://www.bloomberg.com/apps/news?pid=newsarchive&sid=alJJx6wybqMc

 

[darkbeaver]

Where's our reliable bastions of truth? How do they see this developement? Or will they bother to see it?

 

[Scott Free]

I had hoped the original story was wrong :-(

 

[darkbeaver]

If it had been wrong it would mean the Chinese are idiots as well. Whatever happens throwing good money after bad is no solution. I don't even think if congress coughs up the loot for the bankers it's going to slow things down much.