Recapitalisations and bailouts begin for Chinese banks

It's time to clean up the banking sector.

China has started bailing out its banks in an effort to clean up its debt-ridden financial system. CNBC cites a report by UBS research suggesting that 2015 was the first year since the early 2000s with sizable bank bailouts.

According to UBS analyst Jason Bedford, "We [also] note that progress across the country was asymmetrical, with provinces with the weakest economic fundamentals (Inner Mongolia, Heilongjiang, Liaoning, etc.) recording the least progress in resolving issues at their local lenders." Read more here.