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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…