China's Banking Watchdog to Issue New Regulations

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Last updated at: (Beijing Time) Wednesday, June 18, 2003

China's Banking Watchdog to Issue New Regulations

The China Banking Regulatory Commission (CBRC), China's banking watchdog, will amend and issue a series of regulations to better oversee the banking sector, a CBRC spokesman said Tuesday.

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The China Banking Regulatory Commission (CBRC), China's banking watchdog, will amend and issue a series of regulations to better oversee the banking sector, a CBRC spokesman said Tuesday.

In order to fulfill its role as a strict supervisor, the commission will issue regulations supervising the pricing of financial services and the transactions between financial institutions, said the spokesman.

The soon-to-issued regulations will be in conformity with international practice, said the spokesman, stressing that the CBRC hopes, by doing so, that China's banking sector will more effectively fulfill its World Trade Organization obligations and increase transparency.

The spokesman revealed that the CBRC considers it a priority to complete the drafting of relevant amendments and regulations as soon as possible, because they are "badly needed".

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