Premier Wen Jiabao, China’s top economic official, said its state-owned banks are monopolies that must be broken up, acknowledging mounting economic and political pressure to reform an industry whose vast profits are fuelling public anger.

Asian stock markets soared today as a news of a US government plan to rescue banks from risky mortgage debt brought hope of a let-up in the world’s worst financial crisis in decades.

Asian stocks tumbled today, tracking declines on Wall Street as investors feared more companies could succumb to the global financial crisis that forced the US to bail out troubled insurer American International Group.