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--- Begin Message ----Caveat Lector- ------------------------ Yahoo! Groups Sponsor ---------------------~--> <FONT COLOR="#000099">Yahoo! Domains - Claim yours for only $14.70 </FONT><A HREF="http://us.click.yahoo.com/Z1wmxD/DREIAA/yQLSAA/WfTolB/TM";><B>Click Here!</B></A> ---------------------------------------------------------------------~->Chinese Banks Face Crisis By Nick Mathiason The Observer, London Sunday, May 16, 2004 http://observer.guardian.co.uk/business/story/0,6903,1217630,00.html China's banking system faces a mounting crisis that threatens to further destabilise the country's teetering economy. Speculation is growing that the authorities are preparing to inject at least $65 billion to shore up two state banks reeling under the weight of non-performing loans, where borrowers cannot even afford to pay interest on loans, let alone the capital. This comes just months after Beijing pumped $45 billion into its other two state banks. China is raiding its foreign reserves to prevent a run on a major Chinese bank and smooth the way for a flotation of two of its banks later this year. This, however, looks unlikely given the current state of the sector. Last Friday's news that China's annual rate of inflation in April hit 3.8 per cent -- a seven-year high -- is increasing the likelihood of interest rate rises, which would further exacerbate the debt crisis. "The problem is very serious," said Allan Zhang, a former economist at China's trade ministry and now head of the China Business centre at PricewaterhouseCoopers in London. "Chinese banks' insolvency is an open secret. Although they are backed by state guarantees, their position is having a serious effect on the economy." Standard & Poor's says 45 percent of loans at China's four state banks, which account for more than 80 percent of commercial lending, are non-performing. Pumping in $65 billion will wipe out 25 percent of the country's foreign exchange reserves in six months. The government is trying to cool its economy, which last year grew at more than 9 percent. Bad loans chiefly affect the property and construction sectors and were authorised by government officials. ---------------------------------------------------- To subscribe to GATA's dispatches, send an e-mail to: [EMAIL PROTECTED] To unsubscribe, send an e-mail to: [EMAIL PROTECTED] ---------------------------------------------------- RECOMMENDED INTERNET SITES FOR DAILY MONITORING OF GOLD AND PRECIOUS METALS NEWS AND ANALYSIS Free sites: http://www.jsmineset.com http://www.cbs.marketwatch.com http://www.mineweb.com/ http://www.gold-eagle.com/ http://www.kitco.com/ http://www.usagold.com/ http://www.GoldSeek.com/ http://www.capitalupdates.com/ http://www.DailyReckoning.com http://www.goldenbar.com/ http://www.silver-investor.com http://www.thebulliondesk.com/ http://www.sharelynx.com/ http://www.mininglife.com/ http://www.financialsense.com http://www.goldensextant.com http://www.goldismoney.info/index.html http://www.howestreet.com http://www.depression2.tv http://www.moneyfiles.org/ http://www.howestreet.com� http://www.minersmanual.com/minernews.html http://www.a1-guide-to-gold-investments.com/euro-vs-dollar.html http://www.goldcolony.com http://www.miningstocks.com http://www.mineralstox.com http://www.321gold.com http://www.SilverSeek.com http://www.investmentrarities.com http://www.kuik.com/KH/KH.html (Korelin Business Report -- audio) http://www.plata.com.mx/plata/home.htm (In Spanish) http://www.plata.com.mx/plata/plata/english.htm (In English) Subscription site: http://www.lemetropolecafe.com/ http://www.hsletter.com Eagle Ranch discussion site: http://os2eagle.net/checksum.htm Ted Butler silver commentary archive: http://www.investmentrarities.com/ ---------------------------------------------------- COIN AND PRECIOUS METALS DEALERS WHO HAVE SUPPORTED GATA AND BEEN RECOMMENDED BY OUR MEMBERS Blanchard & Co. Inc. 909 Poydras St., Suite 1900 New Orleans, Louisiana 70112 888-413-4653http://www.blanchardonline.com Centennial Precious Metals 3033 East 1st Ave., Suite 403 Denver, Colorado 80206 www.USAGold.com Michael Kosares, Proprietor US (800) 869-5115 Canada 1-800-294-9462 European Union 00-800-2760-2760 Australia 0011-800-2760-2760 [EMAIL PROTECTED] Colorado Gold 222 South 5th St. Montrose, Colorado 81401 www.ColoradoGold.com Don Stott, Proprietor 1-888-786-8822 [EMAIL PROTECTED] El Dorado Discount Gold Box 11296 Glendale, Arizona 85316 http://www.eldoradogold.net Harvey Gordin,� President Office: 623-434-3322 Mobile: 602-228-8203 [EMAIL PROTECTED] Investment Rarities Inc. 7850 Metro Parkway Minneapolis, Minnesota 55425 http://www.gloomdoom.com Greg Westgaard, Sales Manager 1-800-328-1860, Ext. 8889 [EMAIL PROTECTED] Kitco 178 West Service Road Champlain, N.Y. 12919 Toll Free:1-877-775-4826 Fax: 518-298-3457 � and 620 Cathcart, Suite 900 Montreal, Quebec H3B 1M1 Canada Toll-free:1-800-363-7053 Fax: 514-875-6484 http://www.kitco.com Lee Certified Coins P.O. Box 1045 454 Daniel Webster Highway Merrimack, New Hampshire 03054 www.certifiedcoins.com Ed Lee, Proprietor 1-800-835-6000 [EMAIL PROTECTED] Miles Franklin Ltd. 3015 Ottawa Ave. South St. Louis Park, Minn. 55416 1-800-822-8080 / 952-929-1129 fax: 952-925-0143 http://www.milesfranklin.com Contacts: David Schectman, Andy Schectman, and Bob Sichel Missouri Coin Co. 11742 Manchester Road St. Louis, MO 63131-4614 [EMAIL PROTECTED] 314-965-9797 1-800-280-9797 http://www.mocoin.com Resource Consultants Inc. 6139 South Rural Road Suite 103 Tempe, Arizona 85283-2929 Pat Gorman, Proprietor 1-800-494-4149, 480-820-5877 [EMAIL PROTECTED] Swiss America Trading Corp. 15018 North Tatum Blvd. Phoenix, Arizona 85032 http://www.swissamerica.com Dr. Fred I. Goldstein, Senior Broker 1-800-BUY-COIN [EMAIL PROTECTED] ---------------------------------------------------- HOW TO HELP GATA If you benefit from GATA's dispatches, please consider making a financial contribution to GATA. We welcome contributions as follows. By check: Gold Anti-Trust Action Committee Inc. c/o Chris Powell, Secretary/Treasurer 7 Villa Louisa Road Manchester, CT 06043-7541 USA By credit card (MasterCard, Visa, and Discover) over the Internet: http://www.gata.org/creditcard.html By GoldMoney: http://www.GoldMoney.com Gold Anti-Trust Action Committee Inc. Holding number 50-08-58-L Donors of $750 or more will, upon request, be sent a print of Alain Despert's colorful painting symbolizing our cause, titled "GATA." GATA is a civil rights and educational organization under the U.S. Internal Revenue Code and contributions to it are tax-deductible in the United States. -END- Yahoo! Groups Links <*> To visit your group on the web, go to: http://groups.yahoo.com/group/gata/ <*> To unsubscribe from this group, send an email to: [EMAIL PROTECTED] <*> Your use of Yahoo! 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