Michael Pettis: China reduces number of banks by a quarter after over 670 closures last year - Traders Union
Michael Pettis: China reduces number of banks by a quarter after over 670 closures last year - Traders Union
Source: Traders Union
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DW NOTE
China shuttered 670 banks last year — a quarter of its total — and the sector is still solvent only because Beijing says it is. When you need to close one bank in four to maintain the illusion of stability, you no longer have a banking system; you have a political commitment with deposit-taking features.