China reshuffled the leadership of three of its financial regulatory agencies on Saturday, one of the first steps in what is expected to be a major leadership change at the top of the Communist Party next year.
With a new generation of leaders set to take control of the country in 2012, the Communist Party was widely expected to replace its top banking and financial regulators as several of them neared retirement age.
Several of those changes, which were announced Saturday, come at a time of strong economic growth in China but continuing worries about soaring inflation, a depressed stock market and concerns that heavy lending by China’s biggest banks following the 2008 financial crisis is likely to lead to a huge number of nonperforming loans over the next three to five years.
I THINK THE LAST ITEM IS REAL REASON FOR THE SHAKEUP - AND THE REASON CHINA CAN'T PLAY A BIG ROLE IN BAILING OUT EUROPE.
STAY TUNED...
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