China Closes Hundreds of Banks to Bolster Financial System

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China's sluggish economic development is now hitting the country's banking system. Almost a quarter of the country's banks have been forced to close.

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China's sluggish economic development is now hitting the country's banking system. Almost a quarter of the country's banks have had to close. Last year, 670 different banks disappeared in the form of consolidations, among other things, reports the Financial Times. Most of these were found in rural China and the development is considered to be related to the country's economic challenges. The world's second largest economy has struggled with weak…