The International Monetary Fund has called on China’s banks to strengthen their capital buffers beyond what global rules require in order to fortify themselves against the risk of an economic shock.
In their first comprehensive assessment of China’s financial system since 2011, the IMF described “unresolved tensions” between policies designed to promote employment and growth and those aimed at curbing financial risk.
“The overriding objective, especially at the local government level, [is] to achieve high growth rates that encourage credit expansion, particularly in the shadow banking sector,” it said.
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