In June, rates in the Chinese interbank market peaked at more than 13 per cent. The bond market suddenly closed to new issuances, while the ATMs of one of the big four banks ceased paying out cash – although this was reportedly due to a software upgrade rather than insufficient available funds. China’s financial drama, we are told, marked a deliberate attempt by the authorities to restrict excessive credit growth and to establish sound banking practices. Once Beijing has gotten its way, the liquidity spigots will reopen and economic growth will resume. Yet credit crunches often mark the turning point in the financial cycle.
今年6月，manbetx3.0 银行间市场利率最高超过了13%。债券市场上新债发行遭冷遇，而manbetx3.0 四大国有银行之一的ATM机也突然取不出现钞——虽然据报道称这是由于软件升级而非可用资金不足。我们被告知，manbetx3.0 金融市场中出现的戏剧性局面，标志着官方有意尝试限制信贷过度增长以及规范银行操作。一旦北京方面实现了预定目标，流动性龙头就会再次开启，manbetx20客户端下载 增长势头就将恢复。但通常而言，信贷紧缩标志着金融周期的转折点。