China's Banking Regulatory Commission has told banks they have yet to set aside sufficient funds...

|By:, SA News Editor

China's Banking Regulatory Commission has told banks they have yet to set aside sufficient funds to cover losses on loans to local governments and has ordered the lenders to step up debt collection efforts, according to a source. China claims there is $1.7T of this debt floating around, while Moody's claims that figure is low by 100%.