Bank warning prompts Chinese stocks to fall
The People's Bank of China told the country's largest banks today to rein in risky loans and improve their balance sheets, a warning that sent the Shanghai Composite down 5.3 percent. The index is now down 13.5 percent so far this year,reports CNN Money. U.S. stocks also dropped at opening this morning, reports Bloomberg.
Why the markets care so much about Bernanke and China
If you're wondering why the U.S. stock markets reacted this month to Federal Reserve Chairman Ben Bernanke's comments about quantitative easing and to Chinese economic news, this Reuters article explains the relationship.
Fewer than 1 in 4 Americans have enough emergency savings
Fewer than one in four Americans have enough money in savings to cover at least six months of expenses, the recommended amount to help cushion the blow of a job loss, medical emergency or some other unexpected event, according to a new survey of 1,000 adults released by Bankrate.com today. Some 27 percent have no savings at all, reports CNN Money.