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China closes hundreds of banks in financial overhaul
Original: China closes hundreds of banks to bolster financial system
China has closed hundreds of banks as part of an effort to strengthen its financial system. The consolidation of small and rural lenders is aimed at cleaning up the country's banking sector, which has faced mounting bad loans and weak balance sheets. Observers are watching closely to see how the shake-up affects depositors, local economies and confidence in China's wider financial stability.
Why now: China's banking consolidation is being widely discussed as a signal of stress and reform in the country's financial system.
Evidence
- China closes hundreds of banks to bolster financial system · ftfinancenews · 79
Elsewhere
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