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Li's Clampdown  Bloomberg

Bank of China Ltd. (3988) announced on its microblog that it made all payments on time today and has never had a capital default. A spokesman for Industrial & Commercial Bank of China Ltd. (601398) declined to comment on whether the lender received any financing from the central bank.

Maturing notes added a net 28 billion yuan to the financial system this week, down from 92 billion yuan last week. Chinese banks need to step up efforts to support economic reforms and do more to contain financial risks, the central government said yesterday after a meeting led by Premier Li Keqiang.

"The market's move is not just because of liquidity but due to a policy stance that won't change," said Zhou Hao, a Shanghai-based economist at Australia & New Zealand Banking Group Ltd. (ANZ) "After Li's statement yesterday, the market now sees the crunch lasting longer. Until after mid-July, liquidity won't get better significantly."

"It is not necessary to have hope in order to persevere."
by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Thu Jun 20th, 2013 at 11:44:06 AM EST
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