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China approved first national distressed asset manager since 1999

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China has approved a new national distressed asset management company for the first time since 1999 when four AMCs were set up to handle bad loans of the four big state banks.

It indicates that the country's top policymakers may be ready to step up efforts to handle the estimated 5 trillion yuan nonperforming loans (NPLs) which have been a huge pressure on banks' balance sheets.

Beijing-based Jiantou Citic Asset Management Co. Ltd . . .

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