China to 'fully' consider impact of new asset management rules: regulator | Reuters

BEIJING (Reuters) - China will “fully” consider the possible impact on banks and markets before finalising its new asset management rules, Xinhua news agency quoted a senior banking regulator as saying on Saturday. FILE PHOTO: Office buildings are seen at the financial Central district in Hong Kong, China September 6, 2017.

Reuters December 09, 2017 21:52:38 IST
China to 'fully' consider impact of new asset management rules: regulator | Reuters

China to fully consider impact of new asset management rules regulator  ReutersBEIJING (Reuters) - China will “fully” consider the possible impact on banks and markets before finalising its new asset management rules, Xinhua news agency quoted a senior banking regulator as saying on Saturday. FILE PHOTO: Office buildings are seen at the financial Central district in Hong Kong, China September 6, 2017. REUTERS/Bobby Yip/File PhotoChina issued draft guidelines last month to tighten rules on the asset management industry, the latest step by Beijing to fend off systemic risks from the country’s rampantly growing shadow banking sector. “The new regulations will fully consider the impact on banks and markets before being finalised,” Xinhua quoted Liu Zhiqing, deputy director general of the China Banking Regulatory Commission’s prudential regulation bureau, as saying. “We are seeking comments now, hoping all parties will make suggestions and come up with good solutions that will be implemented smoothly.” The transition period for the new regulations lasts until June 30, 2019. Sources have told Reuters that ten Chinese banks have raised strong objections to the central bank’s proposals, saying it may cause a rush of redemptions among other risks.

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