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China plans to rescue any big bank
China Promises Bank Rescue in Next Crisis as Market Prophets Warn on Rising US Rates
By Ambrose Evans-Pritchard
The Telegraph, London
Tuesday, January 23, 2018
China's financial regulator has vowed to rescue the Chinese banking system immediately to avert a banking crisis when the bubble bursts, issuing a blanket guarantee that no major institution will be allowed to fail.
Beijing says it has studied the errors that led to the Lehman crisis in the 2008 and will not allow a chain reaction to occur, even if this means paying a price in terms of lost economic growth and dynamism.
"We have too much debt in our system. If something bad happens, we have learned from the U.S. financial crisis, and we will move very swiftly to contain the risk so that panic caused by a small institution does not spread," said Fang Xinghai, the deputy chief of the China Regulatory Securities Commission and a key architect of policy. ...
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