Liu Shiyu, deputy governor of the People’s Bank of China urges tougher rules to rein in shadow banking

Liu Shiyu, deputy governor of the People’s Bank of China, said at a forum in Beijing that China needs to tighten up rules on shadow financing.

More details are here: China Central Banker Calls for Tougher Rules on Shadow Financing

“If everyone in society is trying to get into the financing business, we may have entered a phase where a fever has started to affect our ability to think,” Liu said, “We must make up our minds to rectify interbank operations and all kinds of wealth management products.”