https://www.live-feeds.com/feed/cnbc-daily-open-china-shuts-down-record-670-banks-new-worries-over-oil-and-aiContinuously updated, source-cited coverage. https://www.live-feeds.com/feed/cnbc-daily-open-china-shuts-down-record-670-banks-new-worries-over-oil-and-aihttps://www.live-feeds.com/feed/cnbc-daily-open-china-shuts-down-record-670-banks-new-worries-over-oil-and-ai#u111309Fri, 09 Oct 2026 07:41:12 +0000China shuttered 670 mainly rural banks last year as part of a broader consolidation effort to shore up its financial system and create fewer, larger, and better-capitalized lenders. The closures come amid slowing economic growth and a challenging environment that has also sparked persistent worries over oil and artificial intelligence. Beijing is actively reshaping its financial framework, putting three Chinese financial stocks in focus as bank consolidation accelerates across the country.Why it mattersBeijing closed a record number of banks as part of a deliberate strategy to reinforce the do