China’s banking regulator, in his first public comments since the country’s worst cash crunch in at least a decade, said the operations of its lenders won’t be disrupted because they’ve built up sufficient cash reserves. Banks had about 1.5 trillion yuan ($244.4 billion) of cash reserves as of yesterday that could be used for payment and settlement needs, more than double what is usually required, Shang Fulin, chairman of the China Banking Regulatory Commission, said in a speech in Shanghai today. “The tight liquidity condition on the interbank market has been easing in the last few days,” Shang said at the annual Lujiazui financial conference. “This type of situation won’t affect the banking sector’s smooth operations.”
Posted on: Sat, 29 Jun 2013 18:41:41 +0000
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