» 06/12/2012, 00.00
Corruption spreading in China, Postal Savings Bank president arrested
The crackdown in China's banking sector continues. After the arrest of the deputy president the Agricultural Bank of China, the president of the Postal Savings Bank Tao Liming is placed under house arrest. He authorised too many unregistered loans with higher than normal interest rates. Party purges its Shandong branch, kicking out 102 members.
Wen Jiabao criticizes failed banking reform
Two state banks "saved" with 45 billon dollar loan
Bank fraud up in China
Fraud is responsible for losses totalling more than a billion yuan in the first nine month of the year. Bad loans are also another important factor in bank losses. Banking reform is coming and bank managers are likely to be stripped of some of their current power.
Inflation: China raises bank reserve ratio to 11 per cent
Move fails to convince everyone that inflation can be contained. Experts hope for higher interest rates. Chinaâ€™s banking system faces structural problems rooted in a high rate of unpaid loans.
Bank officials in China frequently involved in fraud and embezzlement
Loose controls and poor governance as well as big size hinder banks from stemming fraud. Frauds in the billions are emerging.
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