Financial Crisis On Wall Street Will Have Minimal Direct Impact On China's Banking Industry, but Policy Adjustments and Economic Transformation Will Affect Profitability and Future Business Models
U.S. Newswire › September 19, 2008
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To: BUSINESS EDITORS
Contact: Ms. Joy Tsang, +86-21-6113-5999 or +852-9486-4364, joy.tsang@xfmedia.cn; or Mr. Scott Zhang, +86-21-6113- 5996,scott.zhang@xinhuafinance.comSee the full content of this document
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Financial Crisis On Wall Street Will Have Minimal Direct Impact On China's Banking Industry, but Policy Adjustments and Economic Transformation Will Affect Profitability and Future Business Models
SHANGHAI, China, Sept. 19 /Xinhua-PRNewswire/ -- Xinhua Finance Limited ("XFL", TSE Mothers: 9399; OTC: XHFNY), China's premier financial information provider, analyzed and commented upon the impact on China's Banking Industry of the financial crisis on Wall Street. The full commentary is as follows:
(Logo: http://www.xprn.com/xprn/sa/200702151700.gif)When Lehman Brothers, the fourth largest American investment bank, filed for bankruptcy, Merrill Lynch was acquired by Bank of America, and the U.S Federal Reserve made a USD 85 billion bridge loan to AIG, the world was stunned by the unfolding crisis. This credit crunch, which began with real estate markets, has emerged as a full-blown financial crisis threatening the gl...See the full content of this document
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