Text Version
RSS Feeds
Home Forum Photos Features Newsletter Archive Employment
About US Help Site Map
SEARCH   About US FAQ Site Map Site News
  -Text Version
  -RSS Feeds
  -News Archive
  -Give us feedback
  -Voices of Readers
  -Online community
  -China Biz info
  What's new
Four major U.S. banks borrow 2 billion dollars from Federal Reserve
+ -
08:05, August 24, 2007

 Related News
 China launches four-month crackdown on inferior goods, unsafe food (2)
 PetroChina's net profit up 1.4 percent in first half (2)
 Comment  Tell A Friend
 Print Format  Save Article
The four biggest U.S. banks have borrowed a total of 2 billion dollars from the Federal Reserve to lift market confidence, The Wall Street Journal reported Thursday.

Citigroup Inc., Bank of America Corp., J.P. Morgan Chase & Co. and Wachovia Corp. -- the nation's largest banks as measured by total assets -- said they each borrowed 500 million from the so-called discount window, according to the report.

The move is widely viewed as symbolic, since all of the banks borrowing from the central bank can obtain less-expensive funds elsewhere, said the report.

But it was part of a concerted effort by the Fed to restore confidence to credit markets, where losses on subprime mortgages have rippled across numerous markets and have made investors reluctant to lend to any but the most credit-worthy borrowers, the report added.

Source: Xinhua

  Your Message:   Most Commented:
Respond "Nanking" with humanity, respect, tears & applause: Interview
Week's special: Summer peak transportation of rails

|About Peopledaily.com.cn | Advertise on site | Contact us | Site map | Job offer|
Copyright by People's Daily Online, All Rights Reserved