July 8, 2020

HMM: China Imposes Limits on Large Transactions After Bank Runs. “The People’s Bank of China this month kicked off a pilot plan in Hebei province that would require retail and business clients to pre-report any large withdrawals or deposits, according to a statement. The two-year program will be expanded to Zhejiang and Shenzhen in October, encompassing more than 70 million people. Chinese lenders are facing a surge in bad debt with the economy set to expand at the slowest pace in four decades. Authorities stepped in last month to halt banks runs at two local lenders in Hebei and Shanxi. That comes on top of an already shaky situation last year, which saw China bail out and seize several struggling banks.”

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