China closed 670 rural banks last year to contain financial stress, Fitch says

China closed 670 rural banks last year, roughly a quarter of its total, in an aggressive consolidation of its rural banking sector to contain localized financial stress and prevent system-wide contagion. Fitch Ratings describes these institutions as the weakest part of the system, citing deteriorating asset quality, thin capital buffers and governance issues.

Detected & updated continuously · Source: Nebula