Zhongzhi Enterprise Group

A major Chinese bank has filed for bankruptcy. In the USA Citigroup has been on life support since 2008. I wonder how many other banks are technically insolvent?

A major Chinese shadow bank has filed for bankruptcy on the grounds it was unable to pay its debts.

On Friday, a Beijing court accepted the application from Zhongzhi Enterprise Group (ZEG), which has lent billions to real estate firms.

No wonder The Fed. and BofE suddenly doing an about turn on interest rates: