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A Chinese watchdog says that risks in smaller banks are, for the most part, under control.

Beijing (Reuters) – Even though some of China’s small and medium-sized banks have done illegal things, the vice-chairman of the country’s banking and insurance regulator said on Thursday that risks are generally under control.

Xiao Yuanqi said at a briefing that the government will come up with plans to get rid of the risks for those in trouble and help them get more money. He also said that about 5.3 trillion yuan worth of non-performing assets at smaller banks have been fixed in the last five years.

At least $178 million worth of deposits in three banks in China’s central Henan province have been frozen. Depositors told Reuters that this means businesses can’t pay their workers and people can’t access their savings.

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