Politburo Vows to Resolve Village Bank Risks

What’s new: China’s Politburo, the top ruling body of the Communist Party led by President Xi Jinping, vowed Thursday to maintain the overall stability of the financial market, properly resolve risks related to some local rural banks and severely crack down on financial crimes.

It was the first official statement from top policymakers on the issue since a half-dozen village banks in Henan and neighboring Anhui province in mid-April denied customers’ access to tens of billions of yuan of deposits.