PE and China's financial sector flaws
The liquidity squeeze engineered by China's central bank in June, which temporarily made it more expensive for commercial banks to lend money to one another, was generally regarded as an effort to remind said banks about the importance of solid asset management.
Too much short-term money, the central bank decided, was being used to support longer-term investments. It tapped into broader concerns about the use of "shadow banking" - notably off-balance-sheet products...
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