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Top official reaffirms Basel III schedule
By Hu Xiaocen |
November 21, 2012, Wednesday
|
Print Edition
Print Edition
China's regulators will direct the financial industry to better serve the real economy and curb financial bubbles, a top official of the banking watchdog said yesterday.
Development of the financial industry must be in line with economic growth and China will not delay implementation of stricter capital requirement rules even though the United States and some European countries are likely to do so, Wang Zhaoxing, deputy chairman of the China Banking Regulatory Commission, said at a forum in Beijing yesterday.
"The decision by some countries to delay the implementation of international capital rules will have no impact on Chinese financial regulators. Our adherence to the timetable is 'firm and unshakable,'" Wang said.
Sources told Shanghai Daily last week that Chinese banking authorities will stick to the Basel III timetable after the US Federal Reserve announced a delay for American lenders.
The tougher rules, known as Basel III, were developed by the Basel Committee on Banking Supervision that essentially require banks to hold more capital as risk cushion against bad times, and were to come into effect on January 1, 2013.
"China has become an important member of international financial organizations, thus we are responsible and bound to participate and promote the current international financial reforms," said Wang.
Wang said the CBRC encourages commercial banks to shore up capital by retaining profits and using innovative capital tools. "We will soon release new guiding opinions to help commercial banks raise capital through innovative tools," Wang revealed.
Development of the financial industry must be in line with economic growth and China will not delay implementation of stricter capital requirement rules even though the United States and some European countries are likely to do so, Wang Zhaoxing, deputy chairman of the China Banking Regulatory Commission, said at a forum in Beijing yesterday.
"The decision by some countries to delay the implementation of international capital rules will have no impact on Chinese financial regulators. Our adherence to the timetable is 'firm and unshakable,'" Wang said.
Sources told Shanghai Daily last week that Chinese banking authorities will stick to the Basel III timetable after the US Federal Reserve announced a delay for American lenders.
The tougher rules, known as Basel III, were developed by the Basel Committee on Banking Supervision that essentially require banks to hold more capital as risk cushion against bad times, and were to come into effect on January 1, 2013.
"China has become an important member of international financial organizations, thus we are responsible and bound to participate and promote the current international financial reforms," said Wang.
Wang said the CBRC encourages commercial banks to shore up capital by retaining profits and using innovative capital tools. "We will soon release new guiding opinions to help commercial banks raise capital through innovative tools," Wang revealed.
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