As China 's credit crunch takes a turn for the worse, the question of why the central bank has permitted market conditions to deteriorate so suddenly and so sharply looms ever larger.

随着中国信贷紧缩不断加剧，围绕中国央行为何听任市况如此突然、如此剧烈地恶化，人们心中的问号越来越大。

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In a little-noticed comment during the weekend's meetings, Yi Gang, a deputy governor of China's central bank and head of the country's foreign-exchange reserves, said that China aimed to bring its current-account surplus below 4% of GDP within 3-5 years.

ECONOMIST: Currency wars

What's more, China's central bank seems to be in professional hands, as skilled as any in heading off debacles.

FORBES: Sidelines

Statistics from China's central bank show China had around 207 million credit cards in issue at the end of June, up 10% from the end of last year and more than quadruple the level at the end of 2006.

WSJ: Mastercard Sees Surge In China Credit-Card Use