ICBC: Credit market crisis still not over

Jiang Jianqing, chairman of Industrial & Commercial Bank of China (ICBC) said that his bank would refrain from purchasing US assets due to concerns that the country’s credit market crisis was not over, the Wall Street Journal reported. In an interview with the paper, the head of China’s largest lender said that despite the US government and Federal Reserve taking some steps to calm the markets, risks appeared great. "People always say we should buy at the bottom of the market. But we don’t know whether we are already at the foot level. We may be only at the waist level," said Jiang. Earlier Jiang said that Chinese banks would have only limited direct losses from the US subprime crisis.