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Central bank: China willing to coordinate, cooperate with U.





spring567
Quote:
A spokesman of the People's Bank of China (PBOC), or the central bank, said in Beijing on Saturday China was willing to enhance coordination and cooperation with the U.S. and other economies to overcome current difficulties and stabilize the international financial market.

The spokesman made the remarks after the U.S. House of Representatives approved overnight a revised 700 billion dollars bailout plan and President George W. Bush immediately signed the plan into law on the same day.

The spokesman also said the fundamentals of the Chinese economy remained unchanged and its financial market was safe and stable with generally adequate liquidity.

"We are full of confidence in the development of Chinese economy and the stability of our financial market," he said.



Editor: Lin Liyu
Source: Xinhua
TomGrey
First, it's great that the Chinese want to co-operate.
Second, they have a huge trade surplus, so they could immediately help by raising the value of their currency, and then buy more American stuff -- perhaps clean coal technology or better nuclear power things.

But they should also be building more home-owner owned building, without subsidizing borrowing -- just equity.

I do NOT believe the Chinese banking system is sound, but they have enough foreign reserves to avoid crashing from their problems.

I think their banks are built no better than the gov't built schools which collapsed -- but with banks, avoiding collapse can be easier by the gov't just printing money to save it.
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