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China Breaking News: Oil Falls as Monetary Policy and China Hit Market

Wochit 0:56 mins

The price of oil slid again Friday on the prospect of a tighter supply of cash and slower growth in China. China?s credit crunch eased after lending picked up among banks and financial institutions that had been desperately seeking cash in the bank-to-bank market. China's Shuanghui International recently bought Smithfield foods, the biggest pork producer and processor in the world- and Smithfield's monetary benefits could skyrocket. The American company could receive about $46.6 million in merger-related payments. These two food giants are no doubt creating a first, considering this is the largest Chinese takeover of an American company yet.

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