Yi outlined sweeping plans Sunday, March 25, 2018 to rein in rising debt and financial risk, but expressed confidence that Beijing can prevent potential dangers. (Aijaz Rahi, File/Associated Press)BEIJING — China’s new central bank governor outlined sweeping plans Sunday to rein in rising debt and financial risk, but expressed confidence that Beijing can prevent potential dangers. Regulators will “deepen regulatory system reform and enhance its resilience against systemic risk,” Yi said. Financial analysts worry that heavy borrowing by local governments and state companies could threaten the stability of the financial system. He repeated official promises to open the state-dominated financial system and allow foreign ownership of banks, but gave no new details.

Source: Washington Post March 25, 2018 08:44 UTC