Asia Breaking News: Lending in China Chills as Borrowing Costs Spike

Wochit 1:02 mins

China?s financial system is in the throes of a cash crunch. The interest rates that Chinese banks must pay to borrow money from each other overnight surged to a record high of 13.44 percent. according to official daily rates set by the National Interbank Funding Center in Shanghai. Corporate Asia is pricey as ever! Five out of six of the most expensive office areas in the world are in Asia, with Hong Kong's Central business district averageing $235 per square foot annually. Experts say this is because so many multinationals want easy access to the developing countries near these office areas. Hong Kong is even more costly than London's West End and Beijing's Finance district. According to senior administration officials, Afghanistan officials will open a U.S.-backed office in the Gulf nation of Qatar to facilitate peace talks with the Taliban, according to senior administration officials.

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