China watchdog says risks at smaller banks are generally under control

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BEIJING: Risks in China’s small and medium banks are generally under control despite some individual banks engaging in criminal activity, the vice president of the country’s banking and insurance regulator said Thursday.

Authorities will work out risk elimination strategies for troubled people and strive to replenish their capital, Xiao Yuanqi told a press briefing, adding that about 5.3 trillion yuan of non-performing assets in small banks have been resolved over the past five years.

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Three banks in China’s central Henan province froze at least $178 million in deposits, leaving businesses unable to pay workers and individuals without savings, depositors told Reuters.

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