CBRC Orders Review of Promissory Note Business
(Beijing) – The China Banking Regulatory Commission (CBRC) has ordered rural commercial banks and credit cooperatives to examine the promissory bank note business they did before May.
The order came as the banking regulator seeks to control risks associated with the rapidly increasing amount of notes.
In the first quarter, the amount of undiscounted notes totaled more than 670 billion yuan, up 189 percent from the same period of last year, data from the central bank shows. That is because some financial institutions have been taking advantage of promissory note regulation to hide loans, a senior official of CBRC said.
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