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CCTV Script 24/06/13

— This is the script of CNBC's news report for China's CCTV on June 24, Monday.

Welcome to the CNBC Business Daily.

China's credit crunch concerns continue to weigh on sentiment.

Earlier today the PBOC reiterated that liquidity in the country's financial system was "reasonable". Echoing similar commentary from the Xinhua news agency over the weekend.

The central bank also pledge to fine tune its existing monetary policy. Interbank lending rates continued to remain elevated but eased from recent highs.

We asked our panel of experts what they thought about the credit squeeze.

Have a listen.

[Sound on tape by Steven Sun, Head of China Equity Strategy, HSBC: So what's happening in the interbank market is classic example so obviously the PBOC has refrained from injecting liquidity as it used to do. You know in the meantime it wants to regain control of credit expansion, also clamping down the shadow banking system. So it's all good for the long run but in short term it's creating more liquidity for the financial market when you are trying to control the financial sector risks.]

[Sound on tape by Fan Cheuk Wan, MD & Head of Research, Asia Pacific, Credit Suisse Private Bank: I think the PBOC is really keen to teach the Chinese banks a bitter lesson this time and as we know that those duration mismatch related to wealth mismanagement products and all these shadow banking, related lending activities have caused them the latest squeeze in the interbank market. The PBOC has plenty of ammunition but they decided to stay on the sideline and let the banks to be squeezed shut by this interbank lending cost.]

[Sound on tape by Jonathan Cavenagh, Senior FX Strategist, Institutional FX Sales, Asia, Westpac Institutional Bank: I think that this reaction is probably, is something that has been needed. I think there is still a lot of information that we don't know about the situation in China. So we are still reserving judgment but at this stage it does add to downside risks to our Chinese GDP growth outlook for this year.]

[Sound on tape by PK Basu, MD & Head of Asia Research & Economics, Maybank Kim Eng: I think its appropriate that China is tightening the conditions or at least ensuring that the pace of social financing slows down that M2 is reigned in and this is going to be an ongoing situation for the next several quarters i think.]

Li Sixuan, from CNBC's Asia headquarters.