SHANGHAI: China set up its first insurance fund for its US$2.1 trillion (RM7.31 trillion) trust industry in a move to reduce financial risk in shadow banking, said the countrys banking regulator. The fund, jointly established by China Trustee Association and 13 trust firms, will be chaired by Xu Zhichao, an ex-deputy president of the state-owned Cinda Asset Management Co, the China Banking Regulatory Commission (CRBC) announced in a statement. The CBRC gave no value of the fund, but local media reported that it has a paid-in capital of US$1.9 billion. Reuters
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