IFC goes west

The International Finance Corporation is to review its investment strategy to include banks and rural cooperatives in the west of China, the Financial Times reported. Executive Vice-President Lars Thunell also said the private arm of the World Bank would launch a second yuan-denominated "Panda" bond. The IFC has pumped funds into six Chinese banks located in coastal areas, but now plans to use the same turnaround techniques in less developed regions. "The desire for better governance and risk control is there," Thunell said. "Some banks have loss ratios of below 2%. Even if you double that and say the auditors are off by half, they are pretty good numbers."