21 January 2019

CBRC reform task force to drive bank business revamps, Sina says

China’s banking watchdog has enlisted chairman Shang Fulin {尚福林} to head up a new task force to overhaul governance in the sector, news portal Sina Finance reported Thursday, citing an unnamed person from the authority. The team from the China Banking Regulatory Commission will first target bank wealth management businesses to separate risk control from sales, and interbank businesses to ensure they focus on traditional short-term funding deployment rather than simply engaging in asset transfers. The regulator has told local bureaus and banks to form similar task forces and present their reform plans by the end of the first quarter, the report said.

– Contact HKEJ [email protected]


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