Two rural banks in China’s Liaoning province go under

Regulator says the banks were involved in illegal operations

china money currency yuan renminbi

China’s banking regulator said it had allowed two rural banks in the north-eastern province of Liaoning to enter bankruptcy proceedings.

The China Banking and Insurance Regulatory Commission (CBIRC) approved the winding-down of Liaoning Taizihe Village Bank and Liaoyang Rural Commercial Bank on August 3 and 4, respectively, notices posted on the regulator’s website on August 26 show.

The collapse of the two rural banks added to concerns over the stability of China’s rural banking system. The

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