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Home›Global Markets›China›China shut 670 mostly rural banks to consolidate lende…

China shut 670 mostly rural banks to consolidate lenders

The closures were part of Beijing’s effort to leave fewer, larger lenders with stronger capitalization.

Reported · Written up by our desk · China

Beijing shut down 670 mainly rural banks last year as part of a broader push to restructure China’s financial system, CNBC Markets reports.

The goal of the move was to reduce the number of banks while creating fewer, larger lenders that are better capitalized.

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Sources

CNBC MarketsChina shuts hundreds of banks as Beijing moves to shore up its financial system
CNBC WorldChina shuts hundreds of banks as Beijing moves to shore up its financial system

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