Baoshang Bank, linked to missing billionaire Xiao Jianhua, has been brought under state control. Despite threats, Beijing remains wary of allowing even disgraced local lenders to fail: petesweeneypro
China's central bank said on May 26 that it would offer liquidity to Inner Mongolia-based Baoshang Bank, which is being taken over by regulators. The People's Bank of China also said it would guarantee all principal and interest of corporate deposits and interbank liabilities below 50 million yuan , adding that the handling of those above 50 million yuan could be negotiated.
China Construction Bank, one of China's so-called Big Four centrally controlled lenders, will be entrusted to handle day-to-day banking operations. Baoshang’s key shareholder Tomorrow Holdings has been targeted in a government crackdown on financial conglomerates.
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