 "China, China economy")
China's banking and insurance regulator issued draft rules on Friday to step up oversight of the $3 trillion trust industry, and reduce financial risks in the shadow banking sector.
The China Banking and Insurance Regulatory Commission (CBIRC) said trust companies should divide their businesses into three categories - asset management, asset servicing and charitable trusts - to help them align with international standards and to encourage them to return to their original business.
The once-freewheeling trust industry, at the heart of a vast shadow banking sector, for years helped channel funds into companies that struggle to obtain bank credit via
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