“China’s State Council imposed new controls on the shadow-banking industry with an order that targets off-the-books loans and shores up enforcement of current rules, three people familiar with the matter said this week. The Cabinet order highlights concern that lending outside the banking system, estimated by JPMorgan Chase & Co. at 36 trillion yuan, or 69 percent of 2012 gross domestic product, may threaten the financial system’s stability. The CBRC requirement will apply to at least 12 of the 19 Chinese banks whose shares are publicly traded, data compiled by Bloomberg show.”
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