China asks trust firms to clean up non-finance units and businesses
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BEIJING (Reuters) - China's banking and insurance regulator issued rules on Friday requiring the country's trust firms to clean up their non-finance subsidiaries and businesses.
The rules, aimed at curbing financial risks, also require trusts to stop setting up new non-finance units and making new investments in offshore companies, according to a statement from the China Banking and Insurance Regulatory Commission (CIRC).
Trust firms will have a grace period of three years to comply with the rules, according to the statement.
(Reporting by Cheng Leng and Ryan Woo; Editing by Christian Schmollinger)
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