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China Makes Progress In Cleaning Up 'Shadow Banking'

By Stuart Burns

Recent reports might suggest it has all been slow going in China this last year, but in some respect the country is steaming ahead. One area that has been busy is banking reform. "Yawn," you might say, but this is actually good news. It might have a depressing effect on speculative commodity demand in the short term, but for the wider economy Beijing's efforts to curb the shadow banking sector, in its various forms, have been making good…