From Reuters via inquirer.net:
Chinese banks need to be on high alert to international financial market risks, the country’s top banking regulator said in remarks published on Tuesday.
Traditional business dealings and long-term corporate investment were being replaced with “high-risk and high-return short-term speculation”, said Liu Mingkang, chairman of the China Banking Regulatory Commission . “The headlong expansion of some sectors of the international markets has already created dangers for global financial and social stability. The succession of major financial incidents and crises is sending repeated warning signals,” Liu told a banking conference on Monday. [Full Text]