Ex-Fed official proposes more China-U.S. cooperation in financial regulation

13:28, May 12, 2011      

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China and the United States could cooperate more in financial supervision and reform, which is crucial not only for the two nations but the whole world as well, said a former U.S. financial regulator.

Some cross-border problems need joint efforts to get resolved, which is very important, Randall Kroszner, a former member of the Federal Reserve (Fed)'s board of governors, said in an interview with Xinhua Wednesday.

Kroszner, now an economics professor at the University of Chicago, stressed cooperation on the development of a central clearing platform, which is an international entity that could offer more information on risk concentration.

"It is very valuable to ensure market participants and supervisors have relevant information to see what is happening in the market and reduce the likelihood of some types of disruption," Kroszner said.

Kroszner warned that risk concentration could develop, but that it could be difficult to recognize due to a lack of information exchange, which has worsened the financial crisis around the world.

"The two countries should have good cooperation on the development of this central clearing platform to make sure there is good information exchange and consistency in supervision and regulation," Kroszner said.

Besides, the two sides could learn from each other, he added.

Source: Xinhua
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