Chinese regulators have ordered some banks temporarily to halt lending in a renewed effort to rein in credit growth following a burst of frantic lending by Chinese financial institutions this year.
The crackdown prompted stock market falls around the world as investors worried that China's tightening could cool its strong growth and dent expectations for the global recovery.
“This sort of baby step tightening doesn't look like much but when you've had such rampant credit growth, it doesn't take much for it all to end in tears,” said Albert Edwards, global strategist at Société Générale.
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