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BEIJING-Chinese President Hu Jintao and President George W. Bush discussed the financial crisis engulfing Wall Street and steps the United States was taking to stabilize international markets, the White House said on Monday. "President Bush and President Hu discussed the current state of international financial markets and President Bush briefed President Hu on steps his administration plans to take, in conjunction with the U.S. Congress, to stabilize international markets," White House spokesman Gordon Johndroe said.China News Service, the state-run news agency, said the two leaders spoke by telephone on Monday at Bush's request."We have noticed that the United States has taken some important measures to stabilize the domestic financial market, and we hope these measures can achieve quick results so that economic and financial conditions in the United States will gradually improve and turn better," the news agency paraphrased Hu as saying.The two spoke at the end of a weekend of intensive talks in Washington between Bush's administration and Congress to hammer out details of an unprecedented $700 billion bank bailout to forestall further financial market turmoil that risks plunging the economy into a deep recession.Hu said the U.S. plan was in the interests of both the United States and China."It is also conducive to maintaining international financial market stability in order to promote the stable and healthy development of the world economy," China News Service paraphrased Hu as saying.Seven Chinese banks have reported exposure of more than $700 million to failed investment bank Lehman Brothers. Lehman also guaranteed $500 million in structured notes held by a Chinese overseas investment fund.But China's capital controls and the overwhelmingly domestic focus of its banks and insurers have largely insulated the country from the immediate fallout of the turmoil on Wall Street.To read more go to:
As in the days of Noah...
