CBRC chief adviser Sheng brands financial engineering ‘a cancer’

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In a wide-ranging interview tackling subjects such as the breakdown in modern financial theory underpinning central banking policy through to the best way to take control of a troubled financial institution, Andrew Sheng, chief advisor to the China Banking Regulatory Commission (CBRC), derided the role of financial engineering in modern finance. "Financial engineering is a cancer," Sheng said in a Q&A with Central Banking editor, Claire Jones, called Theory failure, published in the Febru