🔊 Listen to ArticleSHANGHAI: China’s central bank sought to calm investors on Sunday after last month’s takeover of Inner Mongolia-based Baoshang Bank, saying regulators are not planning any more such moves for the moment. The China Banking and Insurance Regulatory Commission (CBIRC) took control of Baoshang on May 24, rattling Chinese markets and prompting the People’s Bank of China (PBOC) to inject cash into the banking system. In response to concerns that regulators planned more takeovers of financial institutions, the PBOC said on Sunday that Baoshang was a standalone case. The central bank has previously pledged more policy support for a slowing economy, but PBOC Governor Yi Gang has said there is less room for further monetary easing. Chinese regulators issued instructions to banks last week that could see larger creditors facing haircuts of as much as 30 per cent, sources told Reuters.

Source: Pakistan Today June 02, 2019 13:41 UTC