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IPFS News Link • Central Banks/Banking

China's Zhongzhi Bank Declares "Severe Insolvency"

• Hal Turner Radio Show

Known for real estate investments, Zhongzhi attributes the deficit to internal management issues facing operational risks.

Internal management issues=embezzlement, Ponzi, fictitious accounting.

The crisis further highlights instability in China's real estate market, raising concerns of possible contagion effects to other banks and to banks in other countries, like the USA.