CHINA-ECONOMY: CHINA'S NATIONAL AUDIT OFFICE INSPECTING BOOKS OF AT LEAST 20 TRUST FIRMS SINCE LAST MONTH
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Bloomberg (August 10) reported that China's National Audit Office has since last month been
conducting a review of the $3 trillion trust industry and been inspecting the books of at least
20 trust firms to gauge the risks they pose to financial stability. China's trust industry has been
a key part of the country's shadow banking business, which helps channel deposits into risky
investments via products often designed to dodge capital or investment regulations.
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