Just-In: China Banking Crisis Deepens; Crypto Market To Take A Hit?

Crypto News: Chinese authorities on Wednesday alleged that Li Xiaopeng, former chairman and party chief of Everbright group of violating law and discipline in the nation. This development comes amid the erupting global banking crisis.

Chinese Banks In Crisis?

According to reports, the central commission for Discipline Inspection and the State Supervision Commission has launched a probe against the state owned asset management group. The agency launched investigation process will also include the five financial firms which were targeted earlier.

The inspection is an emerging sign of Chinese authorities are taking down corruption in the financial sector. The authority last week declared that it will be conducting a round of checks of around 30 state owned companies. Read More Crypto News Here…

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It added the China Banking and Insurance Regulatory Commission and anti corruption agency called in the top six state owned bank executives. Authorities addressed executives with an investigation launched over Liu Liange, former Chairman of the Bank of China.

The recently launched probe has shocked the $60 trillion Chinese finance industry. Fresh actions come in to control the risks emerging in the banking system. The policy makers are looking to restore growth and handle economic fallout.

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As the international markets are trading lower due to the ongoing banking failure the crypto market is printing green indexes. The cumulative crypto market is up by 2.35% over the past day to stand at $1.21 trillion.

Bitcoin, the world’s largest cryptocurrency registered a price surge of 28% in the last 30 days. BTC is trading at an average price of $28,481, at the press time.