BEIJING (Reuters) – China will replenish the capital for smaller banks and reduce the number of high-risk financial institutions, Sun Tianqi, an official at the central bank, said on Wednesday.
Authorities aim to uncover all kinds of illegal financial activities early and tackle them firmly, while paying great attention to financial risks and safeguarding the bottom line for systemic risks, Sun added.
A number of banks in Henan froze millions of deposits in April leaving firms unable to pay workers and individuals locked out of savings, prompting protests in the province over the weekend.
(Reporting by Kevin Yao; Editing by Andrew Heavens)
