China vows to drain cash from financial system-Reuters

From Reuters:

China’s central bank vowed on Thursday to step up its efforts to drain cash from the banking system, leaving less money for banks to lend for factories and property as strong data showed investment accelerating again.

“We will remove fuel from the fire, so that they do not have the money to lend,” deputy central bank governor Wu Xiaoling was quoted as saying in state media.

With data showing renewed strength in lending, retailing, industrial output, exports and investment, central bank governor Zhou Xiaochuan followed cabinet demands for action by saying the institution would sell more short-term securities to banks, drawing away money they might otherwise lend.

[Full text]

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