More than 600 mutual funds in China have been liquidated this year, more than all the closures in the previous 12 years combined, Bloomberg News reported Dec. 18.

The sharp rise in fund closures could be attributed to the Chinese government's crackdown on entrusted loans and other shadow banking products, the tumbling domestic stock market and tougher regulations on small funds with less than 50 million yuan of AUM, the report said.

As of Dec. 17, US$1 was equivalent to 6.90 Chinese yuan.