China is angry at Wall Street

Discussion in 'Wall St. News' started by Debaser82, Sep 18, 2008.

  1. Markets across Asia tumbled as a result of the Wall Street crisis.
    Chinese state media has blamed the US for unleashing financial "weapons of mass destruction" and sparking a global market "tsunami".

    China's official People’s Daily warned on Wednesday that the US had set off a "financial tsunami" by allowing Wall Street lenders to trade in subprime debts and unstable financial derivatives.

    In response to market turmoil, China's central bank cut interest rates for the first time in six years, from 5.85% to 5.31% signalling Beijing's intent to maintain economic growth and employment.