China’s top banking regulator expresses concerns about bubbles in property and foreign markets
|China is “very worried” about the risks of bubbles emerging in global financial markets and the country’s property sector, Guo Shuqing, Chairman of the China Banking and Insurance Regulatory Commission (CBIRC) and Party secretary of the central bank said at a briefing in Beijing on Tuesday.
Key quotes
“Bubbles in US and European markets could burst because their rallies are heading in the opposite direction of their underlying economies and will have to face corrections “sooner or later.”
“Financial markets are trading at high levels in Europe, the U.S. and other developed countries, which runs counter to the real economy.”
“The country needs to reduce leverage.”
“Banks have made progress in reducing leverage.”
“Situation with property to improve, property sector has big bubbles.”
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