China’s bank regulator to tackle shadow banking, property bubbles

Guo Shuqing, the newly appointed chairman of the China Banking Regulatory Commission (CBRC), unveiled a series of measures in an effort to curb financial risks, including clamping down on shadow lending and curbing funding for property speculation, Bloomberg reports.

Key Quotes:

"Banks, trusts, fund-management firms, brokerages and insurers all have asset-management operations, but because they have different regulators and are subject to different rules, there's been some chaos"

"We're working on a joint regulation to set basic standards that every institution can follow."

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