(Beijing Bloomberg) China Rong Trust, a subsidiary of Zhongzhi Enterprise Group, China ’s largest asset management company, was exposed to nearly 100 million yuan (RMB, the same below, about 19 million yuan).China's officials have arranged two large financial institutions of CITIC Trust and CCB Trust to make debts to China Rong.
Bloomberg Society on Wednesday (August 30) quoted people familiar with the matter that when the regulatory agency seemed to ensure the stability of the financial system, it was coordinated by the regulatory authorities, including CITIC Trust under CITIC Group and the CCB trust owned by China Construction Bank.Working group, stabilizing the operation of trust in China.
People familiar with the matter said that it is not clear that this arrangement will have the specific impact on resolving the risks of the trust debt in China, but this may set the road to the risk of the national leading resolving the dilemma of shadow banks.
The above -mentioned measures highlight China's official concerns about the stability of the financial system and the increasing overall economic risk.With China's weak economic recovery after the epidemic and deepening the real estate market crisis, the official concerns about the trust industry with an asset size of more than 200 trillion yuan are also increasing.
It is reported that according to Goldman Sachs Group estimates, China's trust industry may face a loss of US $ 38 billion (about S $ 51.35 billion).
Zhongrong Trust was confirmed to be overdue in early August. As rumors, the overdue overdue of Zhongrong Trust is related to the liquidity crisis of Zhongzhi Group, which also caused the market to worry about other trust companies.A person familiar with the matter also revealed earlier that the State Administration of Finance and Administration of China established a working group in July to be responsible for the risk of integration in the review.
