Foreign News: HSBC tightens lending to Chinese property buyers, Norway's DNB bank calls for cash to
HSBC has tightened its policy on lending to Chinese nationals buying property in the United States, Reuters reports. The move comes as China tightens the foreign exchange business it will allow banks to conduct. HSBC declined to spell out what the change would involve. Norway's DNB Bank has called for cash to be phased out of the country's payment system. A bank executive, Trond Bentestuen, told local media: "Today there is approximately 50 billion kroner in circulation and Norges Bank [the Norwegian central bank] can only account for 40 per cent of its use. That means that 60 per cent of cash usage is outside any control. We believe this is due to under-the-table payments and money laundering."