The Chinese government is disturbed at the run away jump in property prices across all the major cities in the last one year. The massive bank lending to every loan seeker in the last year by all the Chinese banks has led to unexpected increase in investments into commodities and stocks and properties.
All these are now leading to the bubble burst levels, and the Chinese bank wants to avoid the collapse of the system. So the Chinese central bank has raised the bank reserve ratio for the third time in the last three months by 50 basis points. The bank has also warned that there could be more rate hikes in the coming months.

The oil rig explosion happened in Gulf of Mexico on April 20th, and the owner of the oil field , British Petroleum indicated that the spill will be only about a gallon of oil per day and would be blocked within days. The company also indicated that the oil spill cleaning up would cost it few million dollars.
But three weeks down the line, the spilling of oil is indicated at five times the original projection , at over five million gallons per day. The oil has already hit the coastal beach areas and the daily activities of thousands of sea dependent workers have come to a standstill. Worse still, nobody knows when the problem will get over.
The company is now indicating that the oil spill blocking efforts are on, but it is like performing an open heart surgery in a dark room without light. So experts are now fearing that the overall cost of the oil spill could well go beyond one billion dollars and most of it would be contributed by British Petroleum.
The oil spill has now got the political attention with US President visiting the region yesterday to get a first hand view of the issue. Further liberalization of the US oil drilling could be delayed.