China's Banking Regulator to Set up Int'l Advisory Body

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Last updated at: (Beijing Time) Saturday, May 24, 2003

China's Banking Regulator to Set up Int'l Advisory Body

The China Banking Regulatory Commission (CBRC) plans to set up a non-profit international advisory committee for advice from its overseas members, a spokesman said Friday.

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The China Banking Regulatory Commission (CBRC) plans to set up a non-profit international advisory committee for advice from its overseas members, a spokesman said Friday.

Members of the advisory committee would be hired by the CBRC chairman, mainly from the ranks of people with supervisory roles in internationally-renowned banks, said the spokesman.

The advisory committee would offer advice on banking regulations and long-term strategies for the regulator, and provide suggestions on the construction and development of the country's banking regulatory system.

The CBRC was created earlier this year by the National People's Congress, the country's law-making body, to take over the supervisory role of the People's Bank of China, the country's central bank.

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