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Chinese authorities have asked Citic, CCB to help stabilize struggling shadow bank
A unit of Citic Group and CCB Trust, which is backed by China Construction Bank have been asked to examine the books of Zhongrong International Trust Co.This could be the precursor to a state-led rescue of the shadow lender.The background to this is the woes at Zhongrong:China's Zhongrong misses dozens of payments as fallout spreadsChina concerns continue to linger in the marketChinese policymakers are becoming increasingly concerned about the $2.9tln trust sector's influence on financial stabil...
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Posted: Aug 30 2023, 21:39
Author Name: forexlive
Views: 112240