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China puts brakes on economic boom. "The torrid Chinese demand for raw material last fall and winter has largely evaporated, as credit-starved companies drew down their supplies and stopped placing new orders. Prices slumped in commodities markets as a result. As the lines of ships waiting to unload cargo at Chinese ports dwindled, ocean bulk freight rates tumbled as well, falling by more than half on some routes after shooting up seven or eightfold last year and early this year .. With state-owned banks suddenly restricting what had been a flood of loans, borrowers are starting to run into trouble in regions that relied heavily on this lending, including the northeast and the region around Shanghai."

MORE -- China puts on the brakes. Posted by Greg Ransom | TrackBack