China estimates shadow banking worth US$12.9 trillion as it moves to clean up high-risk sector

//China estimates shadow banking worth US$12.9 trillion as it moves to clean up high-risk sector

China estimates shadow banking worth US$12.9 trillion as it moves to clean up high-risk sector

China’s banking regulator has for the first time clearly defined shadow banking activities and estimated their value to be about 84.8 trillion yuan (US$12.9 trillion) in 2019, a step that may lead to further cleaning up of the opaque sector that authorities say endangers financial stability.The China Banking and Insurance Regulatory Commission (CBIRC) said in a report last Friday that, broadly defined, shadow banking – including wealth management fund products, entrusted loans, small credit and…

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By | 2020-12-07T11:30:17+00:00 December 7th, 2020|Business|Comments Off on China estimates shadow banking worth US$12.9 trillion as it moves to clean up high-risk sector