China said to be conducting audit of $3 trillion trust industry: report

China said to be conducting audit of $3 trillion trust industry: report

Photo by Camillo Corsetti Antonini on Unsplash

China’s top auditor is conducting a review of the $3 trillion trust industry, Bloomberg News reported on Tuesday, citing people familiar with the matter.

China’s trust industry has been a key part of the country’s shadow banking business, which helps channel deposits into risky investments via products often designed to dodge capital or investment regulations.

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