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The four state-owned behemoths together took home as much as CNY640billion in the first three quarters, which averaged CNY2.34 billion each day.

Huishang Bank starts taking orders from investors today, seeking to raise up to HK$1.01 billion.

Money-market rates have been soaring after the People’s Bank of China suspended reverse repos last week.

The debt problem could be even more striking in the township level, with regional debt explosions likely.

Authorities outline policies for restructuring and transformation

The bank set today's one-year rate at 5.71 percent, slightly lower than the 6 percent benchmark rate set by the bank.

CSRC's announcement has cast shadows over Baidu's attempt to offer a wealth management product in competition with rivals like Alibaba and Tencent.

Liu dismissed rumors that China would release the new round nationwide auditing results on local government debt as soon as this month. The final results have failed to come out yet, he said.

That compared with net purchase of 27.32 billion yuan in August, the first month that saw net purchase after two months of net sales.

Global markets would take another hit amid weaker confidence, international capital outflows and arrested recoveries.

On September 30 only, 45.3 billion yuan of funds were transferred out of the security market

New yuan loans hit 7.28 trillion yuan in the first three quarters, up 557 billion from the same period in 2010

While the level of debt accumulated by local government and companies is "way too high", Zhu said the government has a lot of "policy buffer", including $3.5 trillion foreign reserves, to resolve the problems.

The figure equals to 40 percent of gross domestic products and 16 percent of total banking assets in China.

The four largest state-owned banks together issued over CNY275billion (USD45 billion) new loans last month, the third highest monthly total this year.

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