look news india
Mumbai: China's banking system is showing signs of a major collapse, with reports suggesting that banks are weakening due to years of massive lending to the weak real estate sector.
According to the information, in recent times, some of the 40 banks of China have been closed and some have been merged with others. Apart from this, about 3800 banks are facing problems.
Amid reports of banks being weakened, there were also reports that depositors were seen crowding the banks to distribute money.
Long-term mismanagement has resulted in massive bad loans.
However, the People's Bank of China claimed that only some small financial institutions operating in rural areas are taking up the slack. Big banks are getting good ratings.
