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. Last Updated: 07/27/2016

No China Trusts Closed

BEIJING -- Troubled Chinese trust firms will be restructured rather than closed, state media reported.

China's financial institutions had "relatively serious bad-loans problems" as a result of inadequate fund-raising channels, but the situation was not severe enough to trigger a crisis, the state's Xinhua news agency quoted Dai Genyou, the central bank's director of monetary policy, as saying. Dai gave no details on restructuring plans for the trusts.