Businessweek (June 21)
2013/ 06/ 22 by jd in Global News
“China’s credit crunch signals how serious Beijing is about reform.” During June, interbank lending rates soared to 13.91% in China, in what was the worst credit crunch for a decade. “Despite spooking global markets and no doubt causing consternation among Chinese banks and borrowers, the whole episode is a positive sign…. It shows China’s top leaders are still serious about broader economic restructuring and that they mean business when it comes to cleaning up some of the frothiness in the banking sector.”
