BEIJING — China's central bank has promised to help banks that run into cash shortfalls in an effort to calm fears the country faces a credit crisis.
The central bank said Tuesday it would provide "liquidity support" if needed after a shortage of money in credit markets caused interest that banks pay to borrow from each other to spike last week.
The bank said it already had provided money to some institutions but gave no details.
The spike in interbank lending rates caused Chinese share prices to plunge Monday on fears the country faced a credit crisis that might disrupt the economy.
More from Star Tribune
More from Star Tribune
More from Star Tribune
More from Star Tribune
More from Star Tribune
More From Star Tribune
More From Business
Business
A top Federal Reserve official opens door to keeping rates high for longer
Federal Reserve Vice Chair Philip Jefferson suggested Tuesday that the central bank's key rate may have to remain at its peak for a while to bring down persistently elevated inflation.
Business
Pakistan and Saudi Arabia call for a cease-fire in Gaza, saying efforts so far are insufficient
Pakistan and Saudi Arabia on Tuesday called for an immediate cease-fire and uninterrupted delivery of humanitarian aid in Gaza.
Business
Stock market today: Most of Wall Street weakens again as Treasury yields rise more
Most U.S. stocks are weakening again Tuesday, as continued worries about high interest rates compete with strong profit reports from some big companies.
Business
Wisconsin Republicans ignore governor's call to spend $125M to combat so-called forever chemicals
Wisconsin Republicans on Tuesday planned to ignore the latest call from Democratic Gov. Tony Evers to spend $125 million to combat so-called forever chemicals.
Business
Millennial Money: How couples can share the mental load of money management
A lot of work goes into making a household run smoothly, and the thread that runs through all the labor is money. It's money that makes it possible to fix a broken appliance, enroll the kids in summer camp and save up to replace the aging car. The mental load of money can be heavy. It's made up of those endless invisible tasks we engage in, and the future tasks we lie awake at night thinking about.
