The China Banking Regulatory Commission (CBRC) has refuted reports that it has scrapped the transition period for some commercial banks to meet new capital rules, Economic Information Daily reported Friday, citing an unidentified official with the regulator. The grace period has not been changed or adjusted, the official was quoted as saying. The comments came after some media reports said earlier that the regulator appears to have cancelled the transition period for joint-stock commercial banks to meet new capital rules, no longer giving them time until 2018 to meet the revised benchmarks. In 2012, the CBRC had said key lenders will have until 2018 to meet capital adequacy ratio norm of 11.5 percent and a core capital adequacy ratio of 9.5 percent. The remaining banks were given the same time to have ratios that were one percentage point lower. Within the grace period, non-systemically important lenders were allowed to gradually meet the requirement.
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