In 2019, policy makers in China took control of one bank and arranged for bailouts of others, including a $14 billion injection into mid-sized lender Hengfeng Bank Co. Banks in China have recently seen an increasing number of loan defaults, and the country has experienced its slowest economic growth in three decades. The People's Bank of China (PBOC), China's central bank, conducted stress tests on 30 banks and concluded that nonperforming loans are very sensitive to economic growth, a correlation that helps explain the recent bank bailouts. S&P Global Ratings expects the PBOC to establish new banking regulations to address the results of the stress test. Source: Alfred Liu, "China's Bigger Regional Banks Could Need Capital, S&P Says," Bloomberg, January 31, 2020. Refer to the Article Summary. Policy makers in China and the PBOC bailed out several Chinese banks in 2019. In bailing out these banks, the PBOC was, in effect, acting as a Group of answer choices private equity firm. shadow bank. conductor of open market operations. lender of last resor