So grim, in fact, that on November 26th the People' s Bank of China slashed rates by more than a percentage point-the most in 11 years-to boost growth.

Creditors have a key role to play in corporate governance, and in this context the work of the People's Bank of China on regulating and supervising commercial banks is of central importance.

Well, today the People's Bank of China raised bank reserve requirements again.

As one high official of the People's Bank of China told me, "We're not going to be crazy like the Japanese.

Commercial banks should provide financial accounting data, business contracts and other information about its business and management in accordance with the requirements of the People's Bank of China.