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New trucks manufactured by Chinese automaker Chery are seen parked before being loaded for export, next to a ship at a port in Lianyungang, Jiangsu province in this June 2, 2013 file photo. A deepening slump in exports is sending tremors through Asia, threatening to undermine some booming emerging economies that have surged ahead in recent years on a heady combination of easy credit, buoyant consumer demand and strong domestic investment.
New trucks manufactured by Chinese automaker Chery are seen parked before being loaded for export, next to a ship at a port in Lianyungang, Jiangsu province in this June 2, 2013 file photo. A deepening slump in exports is sending tremors through Asia, threatening to undermine some booming emerging economies that have surged ahead in recent years on a heady combination of easy credit, buoyant consumer demand and strong domestic investment.
(China stringer network/Reuters)

SCOTT BARLOW

Fear, confusion after China delays market intervention

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It is barely an exaggeration to describe the stress in the Chinese interbank lending market as Lehman-esque. Yet the freaking out has been minimal, because observers expect that it’s only a matter of time before the People’s Bank of China (PBoC) steps in to provide liquidity.