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China brings more banks, insurers under AIC fold

China brings more banks, insurers under AIC fold

FILE PHOTO: People walk past the headquarters of the People's Bank of China (PBOC), the central bank, in Beijing, China September 28, 2018. REUTERS/Jason Lee/File Photo

China is expanding its pilot program for financial asset investment companies (AICs), allowing more commercial banks to participate and bringing insurance funds into the fold.