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
Topic |   Central Banks

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The PBOC and China Banking and Insurance Regulatory Commission assumed control of Inner-Mongolia-based Baoshang Bank last month. Photo: Reuters
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