The info comes from noted China analyst Michael Pettis via twitter:
Henan province announced its consolidation plans on Sunday, naming 25 institutions to be merged into a provincial-level rural commercial bank.
And goes on:
This of course was inevitable. That its taken so long is a negative. That its finally happening is a positive.
This article was written by Eamonn Sheridan at www.forexlive.com.
