Top China banker warns on asset bubbles

China needs an “urgent” tightening of monetary policy to prevent the huge stimulus measures introduced this year from inflating stock and property bubbles, one of the country’s leading bankers has warned. Qin Xiao — chairman of China Merchants Bank, the country’s sixth-biggest — says in Thursday’s Financial Times that the government should not be afraid of a “moderate slowdown” in the economy.

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Obama signs $7.5 billion Pakistan aid bill

President Obama signed legislation Thursday providing an additional $7.5 billion in assistance to the Pakistani government. The aid guarantee comes as the Pakistani government combats a wave of attacks believed to have been orchestrated by Taliban militants and as the Obama administration works on a comprehensive review of U.S.

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