China warns ‘hedonistic’ bankers to toe party line


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“Policymakers are placing the finance industry at the heart of the economy as a lubricant for its smooth development, and if the economy goes sour, the sector is mainly to blame.” This is a critical moment for Mr Xi as he seeks to reign in risks in the $US60 trillion ($89 trillion) financial sector — imposing stricter controls on capital outflow, controlling debt levels and ruling out risky practices — while he tries to restore growth and manage the economic fallout of spiralling ties with the US. ‘Broker butcher’ Aiming criticism at the industry may well provide Mr Xi with...