By Jamil Anderlini in Beijing
Published: August 7 2009 17:06 | Last updated: August 7 2009 20:14
China’s central bank has told the heads of the largest state-controlled banks to slow the pace of new lending, say people familiar with the matter, after new loan volume in the first half of the year tripled from same period a year earlier.
The pressure from the People’s Bank of China signals an unstated shift in policy and comes as it steps up its open-market operations to control liquidity and slow loan growth.
China is the tiger. Much as we hate to admit it, China will have a huge influence on the world economy in the next few years.