Chinese financiers hit out at 'blind' PBoC
The People's Bank of China (PBoC) needs to place a greater focus on market stability with regard to the current liquidity problems facing the country's banking system, according to a senior figure from Bank of Communications.
After decades of high growth, the Chinese economy is showing signs of slowing down with the first real stresses occurring last week as credit froze in the interbank market with the seven-day repo rate at one point spiking to 28%.
Market commentators have speculated that the
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