PBOC: Financial system strong
Print Edition
CHINA’S financial system shows resilience and stability amid mounting external uncertainties, as the country moves to resolve systemic risks, the central bank said in a report.
The country’s economic and financial risks remained generally under control, wrote the report released by the People’s Bank of China, which ruled out the possibility of systemic risks.
It said macro-economic and financial policies will be more forward-looking, flexible and coordinated in 2019, and the country will continue to push forward financial reform and opening-up.
The report warned of financial risks associated with local government debts, real estate loans and shadow banking, and said financial risks related to “grey rhino” — highly obvious yet ignored — events may surface.
But it said as the country remained committed to preventing and defusing major risks, structural and institutional risks will be well contained and resolved.
China is expected to unveil rules on financial holding groups in the first half of 2019, the PBOC said.
A pilot scheme of regulation has been launched on five financial holding companies, including the China Merchants Group and Ant Financial, to gather experiences for the regulation rules, said Zhou Xuedong, a senior PBOC official.
The central bank also released its first financial institutions ratings in Friday’s report. Covering 4,327 financial institutions, the ratings divided the institutions into 10 classes, with 10 representing the riskiest.
Most banks were rated three to seven, accounting for 87.5 percent, while about 10 percent of the financial institutions saw their rankings over eight, on which stricter restrictions will be applied in terms of financial policy support, business access and reloan extension.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证：沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证：31120180004
- |
- 网络视听许可证：0909346
- |
- 广播电视节目制作许可证：沪字第354号
- |
- 增值电信业务经营许可证：沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
