ANKARA Patriots Deatrich Wise Jr. Jersey , Sept. 27 (Xinhua) -- Turkey's flag carrier Turkish Airlines said Wednesday that it has no plan to suspend flights to the Kurdish region in northern Iraq.
"All our scheduled passenger flights to Erbil and Sulaymaniyah will be carried out as planned," the airline said in a written statement.
On the same day, the Iraqi Civil Aviation Authority requested foreign airlines suspend flights to the area controlled by the Kurdish Regional Government (KRG) by Friday.
The move came amid rising tensions between Baghdad and the Kurdish region over the independence referendum held Monday in the KRG-controlled areas in northern Iraq.
The Turkish government has voiced strong opposition to the referendum, while warning of taking countermeasures against the KRG if it seeks independence.
Ankara fears that the Iraqi Kurdish independence would inspire the separatist Kurdish movement in its homeland, with which it has been fighting in the past decades.
Lebanon and Iran have announced that they would halt flights to and from Erbil airport in northern Iraq from Friday.
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The Chinese government’s efforts to reduce risk in the financial system appear to be slowly showing positive results.
The campaign to unwind risk began in mid-2016, mainly targeted at the interbank funding market and the shadow-banking sector.
The interbank market is the conduit of financing for banks and other financial institutions. This year, volumes have been contracting. In the first eight months of the year, interbank assets fell by 3.2 trillion yuan (US$480 billion) and liabilities slumped by 1.4 trillion yuan.
Joint-stock banks showed the steepest decline Patriots Derek Rivers Jersey , with interbank assets diving 45 percent, according to the China Banking Regulatory Commission.
The regulator said that the declines mean more money is being channeled into the “real” economy instead of idling in the financial sector.
The deleveraging has taken its toll on the net interest margins of smaller and mid-sized lenders that have relied on borrowing from the interbank market. Their margins fell sharply in the first half, while the nation’s largest banks improved their margins. That divergence is expected to continue through the second half, Noel Chan, a banking analyst at UBS Securities Patriots Duke Dawson Jersey , told Shanghai Daily.
“We look at the deleveraging as akin to a mild forest fire, allowing the stronger trees to grow taller out of the ashes of the weaker trees and bushes,” Nomura noted in its recent Asia special report.
Amid the structural shift from interbank assets to traditional credit assets, Nicole Zhou, a partner at McKinsey & Co Patriots Sony Michel Jersey , said that banks “should always strengthen their core while growing fee income.”
The shadow-banking sector, which functions largely outside the banking regulatory system, is a tougher nut to crack when it comes to reducing financial risk.
That sector operates wealth management products, “underground” financing and off-balance-sheet lending. Its size in the six years to 2016 surged from 19.4 trillion yuan to 122.8 trillion yuan, according to a recent report by Nomura.
That rampant growth triggered alarm bells in a government afraid that a collapse in any sector of the financial system could undermine the whole economy.
Attempts to bring more order to the sector have been paying off. Wealth management products Patriots Isaiah Wynn Jersey , a major driver behind the boom in shadow banking, lost ground for seven straight months, registering a 27 percent decrease year-on-year.
At the end of 2016, China’s asset management industry was valued at more than 60 trillion yuan, according to the People’s Bank of China.
The value of interbank wealth management products has been reduced by 22 trillion yuan this year. City and rural commercial banks that relied heavily on interbank financing in recent years suffered slumps of 40-90 percent.
Entrusted loans Women's Jordan Matthews Jersey , another type of the informal lending, recorded a year-on-year reduction of 151.4 billion yuan in August. However, trust loans recorded a rise of 40.7 billion yuan, while undiscounted bankers’ acceptances reported a gain of 61.8 billion yuan over the same period last year.
The government’s crackdown on riskier shadow banking has led companies to resort to traditional banks for funding. Chinese commercial lenders extended 1.15 trillion yuan in corporate loans in August, up almost 350 billion yuan from the prior year Women's Jeremy Hill Jersey , China’s central bank said recently.
Government attempts to implement controls always come with loopholes. Financial regulators are seeking to close them.
The National Financial Stability and Development Committee was set up in July to shore up weak links in supervision and strengthen coordination among the various regulators.
The central bank is now including asset management business in its prudential oversight. As of September 1, financial institutions have been banned from issuing negotiable certificates of deposit, a popular interbank debt instrument, with tenures exceeding one year.
The banking regulator has rolled out a series of policies to tighten financial regulations implemented earlier this year. For example, banks have been asked to monitor their interbank liabilities so that they don’t exceed a ceiling of one-third of total liabilities.
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