The PBOC and China Banking and Insurance Regulatory Commission assumed control of Inner-Mongolia-based Baoshang Bank last month. Photo: Reuters
Baoshang Bank takeover connected to misappropriation of funds but was an isolated case, China’s central bank says
- People’s Bank of China says an investment conglomerate led by financier Xiao Jianhua misappropriated bank funds
- PBOC does not have plans to take over other institutions and says it is confident financial markets will remain stable
The PBOC and China Banking and Insurance Regulatory Commission assumed control of Inner-Mongolia-based Baoshang Bank last month. Photo: Reuters
