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China debt crunch

China probes top banks for 'systemic risk' as Evergrande crisis grows

Xi seeks to rein in unfettered lending ahead of 2022 party congress

The People's Bank of China, as well as the country's big four state-owned banks, will undergo an inspection from the Communist Party anti-corruption unit.   © Reuters

BEIJING -- The Chinese Communist Party's anti-corruption unit has dispatched inspectors to 25 financial companies, including top state-owned banks, in what appears to be a crackdown prompted by the Evergrande debt crisis.

Fifteen teams from the Central Commission for Discipline Inspection will conduct a two-month review of the institutions, pushing them to "hold fast to the bottom line of no systemic financial risks," the People's Daily, the Communist Party's official newspaper, reported Thursday.

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