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China's shadow banking boomed after a 2010 directive from Chinese authorities to restrict the flow of bank loans. Beijing was worried that the waves of loans prompted from a 2008 stimulus package was pushing up inflation, among other concerns. Banks could lend to state-backed companies, but most of China's other corporations would have to find other methods of accessing capital.
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"In terms of premiums, there is no big change on the ground.Maybe a very gradual reduction but nothing steep," the Europeantrader said. "If you want to buy aluminium you will stillstruggle to find any cheap metal. I can't find anybody who hasdrastically reduced their premium."
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Spain are in the playoffs after losing away to Milos Raonic's Canada in the first round in February when Nadal, who had just returned from a seven-month injury layoff, did not feature. They had last fallen in the first round in 2006 when a team also missing Nadal was beaten 4-1 by Belarus on indoor carpet in Minsk.
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But even Shiller himself thinks that equities may continueto perform better than other investment choices: "Even if realreturns for equities will only be something like 3 percent ayear going forward, that still compares favorably to long-termbond yields," he said in an interview. Furthermore, bonds areprojected to lose value if interest rates rise over the next fewyears.