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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Singapore Asia Pacific World Fitch warns China banks face big 'bubble risk' AFP - 2 hours 31 minutes ago Send IM Story Print Fitch warns China banks face big 'bubble risk' SHANGHAI (AFP) - – Fitch Ratings warned Wednesday that banks in China face the greatest "bubble risk" of any Asian country, one day after it downgraded two mid-sized Chinese banks due to the rising threat of bad credit. The agency's comments in an Asia-wide assessment of the banking sector come as concerns mount that Chinese banks may be headed for trouble over bad debt after a record lending spree last year. "The agency views 'bubble risk' as greatest for Chinese banks given their 32 percent loan growth in 2009; this looks likely to be followed by a further 20 percent in 2010," Fitch said in a statement. "Credit growth of more than 50 percent over a two-year period in an economy where bank credit is already quite large relative to gross domestic product almost inevitably involves some misallocation of credit," it added. New loans extended by China's banks nearly doubled in 2009 from the previous year to 9.6 trillion yuan (1.4 trillion dollars) as banks heeded Beijing's calls to pump up lending to keep the economy growing. Fitch however noted the limited transparency of Chinese banks and said their tendency to reschedule loans meant any bad debt problems would surface slowly. "Chinese banks are less well-placed, compared with Asian peers, to deal with potential problems given that rapid loan growth is weakening capital ratios that are already relatively low," Fitch said. On Tuesday, Fitch downgraded China Merchants Bank and China CITIC Bank to 'D' from 'C/D' given "both banks' noticeable deterioration in capital and rising on and off-balance-sheet credit risk in the wake of last year's very rapid loan growth." "All Chinese banks have come under strain to some degree over the past year, but the weakening in financial performance has been most striking at CMB and CNCB," said Beijing-based Fitch analyst Charlene Chu. Last year's lending spree has triggered fears that excess liquidity is fuelling inflation and feeding asset bubbles. China last month increased the minimum amount of money that banks must keep in reserve and took other steps that analysts said were aimed at curbing lending amid fears of rising bad loans. Recommend Send IM Story Print Related Articles PetroChina's Xinjiang and Jilin eye gas output rises Reuters - 1 hour 12 minutes ago India official: call on stimulus exit may be delayed Reuters - 1 hour 14 minutes ago Nikkei cierra con alza; Toyota y Fast Retailing bajan Reuters - 1 hour 15 minutes ago Nikkei claws higher; Toyota, Fast Retailing weigh Reuters - 1 hour 16 minutes ago AIRSHOW-UPDATE 1-Airbus sees recovery in air traffic in 2010 Reuters - 1 hour 16 minutes ago News Search Top Stories Content is 'electronic emperor' says Murdoch Low serotonin linked to infants' sudden cot death: study Germany decides to buy Swiss tax-dodger data Ford US auto sales jump 24 percent in January Lancet formally retracts 1998 paper linking vaccine and autism More Top Stories » Related Full Coverage China Economychina economy All Full Coverage » ADVERTISEMENT Most Popular Most Viewed Most Recommended Healthy adults need less sleep as they age: study French court asks did Continental cause Concorde crash Sony Pictures Entertainment cuts 450 jobs ExxonMobil profit at 6 billion dollars in fourth quarter Toyota prepares to roll out pedal repairs More Most Viewed » Scientists praise Obama as Doomsday clock reset More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Asia Entertainment Photos Copyright © 2010 Yahoo! Southeast Asia Pte. Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Terms of Service | Privacy Policy | Community | Intellectual Property Rights Policy | Help

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