Central banks find that a tool to curb bubbles is doing the job

SINGAPORE (Dec 4): Central bankers are starting to see promising results from one of the recent additions to their monetary policy toolbox.

Lending curbs to stem financial risk -- so-called macroprudential limits -- have helped slow risky borrowing and temper property price bubbles in countries from New Zealand to Canada, a host of financial stability reports showed this week. While there hasn’t been uniform success -- Hong Kong’s housing market shows no signs of cooling -- it’s given central banks some breathing space to be more gradual in tightening monetary policy.

China bank demands immediate repayment of $19.3 mil from Novo Group

SINGAPORE (Sept 7): Steel trader and tin plate manufacturer Novo Group on Tuesday received a demand letter from China CITIC Bank International to Novowell ETP, a 95%-owned indirect subsidiary of the group, for the repayment of about US$14.3 million ($19.3 million) by Sept 12.

In a Wednesday statement, Novo says China CITIC, China’s seventh-largest lender in terms of total assets, made available “certain banking facilities” to Novowell as a borrower. The sum includes the outstanding principal and accrued interests in respect of the banking facilities.

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