PBoC to rein in financial holding companies

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The PBoC says some firms have been expanding “blindly”

China’s central bank issued draft rules on financial holding companies on July 26, as Chinese regulators move to rein in risks that such firms pose in the wake of the recent collapse of Baoshang Bank.

“Some financial holding companies, mainly those owned or controlled by non-financial enterprises, have been expanding into the financial sector blindly, which has led to a regulatory vacuum and risk accumulation,” the People’s Bank of China (PBoC) said in a statement.

“To contain the potential

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