World Trade

The Chinese watchdog says that most of the risks in smaller banks are under control.

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

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 cleared up in the last five years.

Three banks in the central province of Henan in China have frozen at least $178 million in deposits. Reuters spoke to depositors who said that businesses can’t pay their workers and people can’t access their savings.

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