China opts out of Basel II
China’s banking regulator, the China Banking Regulatory Commission (CBRC), has opted out of Basel II, declaring that the country’s financial institutions won’t be ready to adopt the new Accord by the end-2006 deadline.
In a letter to the Basel Committee on Banking Supervision at the end of July, CBRC chairman Liu Mingkang emphasised his support for the Basel Committee’s aim to create a more risk-sensitive framework, but noted “were it applied in our jurisdiction, Basel II would be only
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