The shadow banking operation of a ‘gangster granny’ reveals the deep reach, appeal and danger of China’s informal financial system
Awoman known only as Sun ran an illegal banking operation in Shanghai that was one of the largest in the city in years. Authorities believe there are many more operations like hers, creating "a financial monster that many warn is out of control." The shadow banks' appeal arises from greed, government policy and the dearth of high-quality investment opportunities in China.
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Jan 20, 2017