China's central government is taking steps to rein in the borrowing binge.

WSJ: Faith in Bailouts Spurs China

China's central government responded promptly.

ECONOMIST: China

Perhaps sensitive to the tenor of conversation online, China's Ministry of Finance announced on Sunday that the central government had allocated 120 million yuan to help Beijing, the coastal city of Tianjin and the northern province of Hebei fight floods, Xinhua reported.

WSJ: Deadly Flooding in Beijing Sparks Anger

The deal is an indication of how reformists in central government intend to use foreign capital and management skills as a way to shake up China's banks.

ECONOMIST: Casino capital