China's central bank sought to calm investors on Sunday after last month�...
SHANGHAI - China’s central bank sought to calm investors on Sunday after last month’s takeover of Inner Mongolia-based Baoshang Bank, saying regulators are not planning any more such moves for the moment.
In response to concerns that regulators planned more takeovers of financial institutions, the PBOC said on Sunday that Baoshang was a standalone case. “The PBOC has fully estimated and prepared for the various factors that will affect liquidity in June, and will flexibly use reverse repurchase agreements and the medium-term lending facility in accordance with the cash supply-and-demand situation of the market,” it said in a statement.
The PBOC said deposit insurance funds and its own funds provided sufficient guarantees for all types of creditors in Baoshang Bank following the takeover, which it said had been triggered by the improper and illegal use of significant bank funds by Tomorrow Holdings, which holds 89% of Baoshang’s shares, leading to a serious credit crisis at the bank.
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