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China running risk of shadow banking ‘implosion’

A well-timed bailout recently rescued a US$500 million high-yield Chinese fund, sold through the private banking arm of Industrial and Commercial Bank of China (ICBC), from the brink of default. A Hong Kong-based head of investment product and advisory says it may well be the wake-up call China needs to reform its underdeveloped private banking industry. “At the moment, there…

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