Re: Gold Rush in China-Bad debts put strain on Chinese bank system

verfasst von monopoly, 27.12.2002, 21:25

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Bad debts put strain on Chinese bank system
(BarnacleBob) Dec 27, 11:02

WHEN Larry Long visits the imposing marble-tiled office of his local bank, he sees what many regard as the biggest threat to China’s Communist leadership.
The white-haired property developer tried recently to withdraw £8,000 from his account at the Beijing branch of the Everbright Bank. The embarrassed bank manager confirmed that Mr Long had enough money in the account but was adamant that he could withdraw no more than £800.

Overnight, and without informing customers, China’s largest semi-privatised bank had introduced a rule allowing no more than 10 per cent of deposits to be withdrawn in a month. Mr Long was enraged but not surprised.

For months China has been rumoured to be on the brink of a financial crisis. The fact that some banks may now have run out of cash to pay depositors confirms some people’s worst fears. Some experts believe that China’s economic miracle is threatened by an impending crisis similar to that which crippled South-East Asia five years ago when its tiger economies were humbled. According to Mr Long, bank insolvency is a grave problem for the private businesses that power the new Chinese economy. He said: “I have to buy timber and the merchant will take only cash, like most people in China. When I can’t get cash, my business just stops.”

http://www.timesonline.co.uk/article/0,,3-524519,00.html




>"Customers lined up to buy investment-grade gold bullion yesterday, when it went on sale for the first time in Shanghai since 1949 -- making a mockery of retailers that refused to sell gold bars earlier this week, claiming there was no demand for it due to high world prices."
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gesamter Thread:

• Gold Rush in China - - ELLI -, 27.12.2002, 21:13
  • Re: Gold Rush in China-Bad debts put strain on Chinese bank system - monopoly, 27.12.2002, 21:25
  • Re: Gold Rush in China -- Bad debts put strain on Chinese bank system (gesamt) - monopoly, 27.12.2002, 21:39
  • Re: Gold Rush in China - Topstimmung! - Ecki1, 27.12.2002, 23:39
    • Re: Gold Rush in China - Topstimmung! - patrick, 28.12.2002, 00:49
      • Re: Gold Rush in China - Topstimmung! - Ecki1, 28.12.2002, 09:57
        • Notenbankverkäufe - le chat, 28.12.2002, 14:48
          • Re: Notenbankverkäufe - Ecki1, 28.12.2002, 22:23
            • Re: Notenbankverkäufe - patrick, 28.12.2002, 22:38