15 Nov '11, 3am

China's financial system is vulnerable, the IMF warns

BEIJING (AFP) - China's financial system is at risk from bad loans, booming private lending and sharp falls in property prices, the International Monetary Fund warned on Tuesday, as it called for sweeping reforms. In its first formal evaluation of China's financial system, the Washington-based lender blamed 'heavy' government involvement in the country's banks and watchdogs for reducing market discipline and corporate governance. The fund also called on Beijing to relax its control of the yuan currency and allow the central bank more freedom over policy decisions. Rampant lending since the 2008 financial crisis has left many companies and local governments in China with huge debts, while a recent slowdown in economic growth and falling property prices has fuelled fears of an explosion in defaults.

Full article: http://www.straitstimes.com/BreakingNews/Money/Story/STIS...

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