Big China fund business banned as shadow-banking clampdown gains pace

Two moves announced on Friday by the Chinese authorities – one involving the mainland's second biggest segregated-account (SA) fund subsidiary – have seen Beijing continue its recent clampdown on shadow-banking activities.  Minsheng Royal Asset Management, with Rmb822 billion ($129 billion) under management, has been banned from conducting new business for six months and told to make changes to its business approach. The China Securities Regulatory Authority (CSRC) has also begu…