China's securities regulator has ordered all joint venture fund management firms to report on the health and financial position of their foreign partners and explain how the global turmoil could affect operations in China.
“This is a very normal action to take under the current extraordinary circumstances,” said one regulatory official who asked not to be named because he was not authorised to speak publicly. “It is the government's responsibility to do this in order to protect the interests of Chinese investors and the stability of the domestic market.”
Meanwhile, foreign banks operating in China, especially American groups, are finding it increasingly difficult to borrow from their Chinese counterparts in the domestic interbank market.
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