By V. Cousin
Chinese language banks were making headlines lately, yet what lies underneath? Banking in China appears to be like diverse. What explains the present association? What will we count on from this kind of banking sooner or later? This e-book solutions those questions in an absolutely revised moment variation and contributes to a brand new realizing of chinese language banks.
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Additional info for Banking in China: Second Edition (Palgrave Macmillan Studies in Banking and Financial Institutions)
Other departments or ministries also have an influence on the banks’ operating environments: the Ministry of Finance is responsible, among other things, for promulgating accounting and tax rules and the NDRC (National Development and Reform Commission) is responsible for enterprises finance issues and industry policies. These two institutions are very powerful and have an overarching role in terms of defining future policies. Multiplicity of regulators The multiplicity of regulation adds a layer of costs and risks to the banking system.
Since the separation between PBOC and CRBC, China’s banks have grown increasingly complex. They have also been able to enter new business lines such as leasing, trust and the acquisition of other banks. While financial conglomerates existed well before this time, no regulation mitigates the negative effects of complex shareholding structures, of intra-group transfers and transactions, and cross-guarantees. The only aspect that has been dealt with is related-parties transactions (EIU, 2010a). 5 In 2008 cross-industry supervision has already been discussed, but the outcome was only a superficial compromise to work at two regulatory levels: the first one comprising the Ministry of Finance, PBOC and NDRC, the second one made up of the three commissions.
This could be witnessed clearly in recent years and has been underlined by the healthy financial indicators in the overall banking system. Other regulatory agencies In addition to being under the regulatory authority of the PBOC and the CBRC, banks also fall under the China Securities Regulatory Commission (CSRC), which is in charge of regulating the securities markets. 24 Banking in China Furthermore, they also have to follow the regulations of the State Administration of Foreign Exchange (SAFE) which manages currency reserves and the exchange rate (under the umbrella of the PBOC).