IMF says China's banks need more capital after credit boom

The International Monetary Fund has urged China's banks to raise more capital to protect against risks caused by a credit boom. The IMF said China's growth has been supported by a financial system that is increasingly complex and lacks rigour. It listed a series of risks that had built up since its last report in 2011 including high levels of debt, too many zombie companies and a growing "shadow banking" sector. Risks are particularly high at a local level where pressures to keep non-viable ...

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