There’s the finance ministry, which is the company’s majority shareholder. It may sell its stake to the sovereign wealth fund, thereby transferring responsibility, according to a Bloomberg News report. The China Banking and Insurance Regulatory Commission has its say as a top watchdog, and has asked banks to extend loans to China Huarong by at least six months, another report said. The central bank, which is considering taking on some assets, is required to step in as part of its mandate to maintain overall financial stability.
Originally Appeared On: https://www.bloombergquint.com/global-economics/huarong-mess-shows-china-s-need-for-u-s-style-financial-reform