A crackdown on China’s Rmb62.9tn ($9tn) shadow banking industry is easing concerns about the potential systemic risk of the country’s banks to the global financial sector.
The Basel-based Financial Stability Board has lowered China Construction Bank, China’s second-largest bank and one of the world’s largest lenders, to the bottom tier of its list of “globally systemically important banks”.
The list contains financial institutions that pose the greatest risks to the global banking system in the event of a crisis, requiring them to raise extra regulatory capital to buffer against shocks.
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