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14:02, 18-Jul-2017
China's bank regulators stress risk prevention after key meeting
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China's top banking regulator said on Monday it will place more priority on proactively reining in interbank market irregularities and leveraged investment.
The China Banking Regulatory Commission (CBRC) said in a statement that it will make planned and step-by-step efforts to tighten the regulation of interbank investment and financing, leveraged investment, and off-balance-sheet business.
Reforms of the banking sector will be accelerated to improve lenders' corporate governance and introduce private capital into the industry in an orderly way, the statement said.
Headquarter of the China Banking Regulatory Commission in Beijing /VCG Photo
Headquarter of the China Banking Regulatory Commission in Beijing /VCG Photo
The statement also detailed that the CBRC will work under the leadership of the new cabinet committee on financial stability and development, and strengthen coordination with other regulatory agencies and local governments.
The statement came after a two-day National Financial Work Conference that ended Saturday, which unveiled reform plans to improve the financial sector's capabilities to serve the real economy while guarding against systemic risks.
It was announced after the conference that a committee will be set up under the State Council to oversee financial stability and development.
The conference has convened every five years since 1997 and is widely considered to set the tone for financial reforms.
(Source: Xinhua)
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