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.
- Talking Time
- Most of World's Synthetic Drugs Made in China, Police Admit
- PetroChina Selling Half of Subsidiary Running Central Asian Pipelines
- Insurance Executive Said to Die in Office Days after Probe Started
- Progress at Universities Requires Outside Help, College President Says
- To Curb Carbon Emissions, Focus on New Consumers on the Move
- Business Trip
- College President Fired for Breaking Rules on Cars, Spending
- CRC to Start Selling Ads on Tickets as Part of Test Run
- Country's Rural Areas Face Shortage of Preschools, Ministry Says
- Sign up to receive our free daily newsletter
- Wang Jianlin on Why the Wanda Phenomenon Works
- How a New Idea for Revamping the Economy Is Taking Shape
- Official Figures for Major Smog Pollutant Last Year 'Off by Half'
- The Real Drivers of China's New Culture Movement
- Chinese Gov't 'Causes an Investment Gap with U.S.'
- Banks' Total Value of Bad Loans Rises for 16th Straight Quarter
- Gov't Announces Plan to Clean Up Rural Areas by 2020
- Plan to Develop Two New Beijing Districts 'Flies in Face of Population Curbs'
- With Big TV Deal, China's Pro Soccer League Looks to Score
- Closer Look: Baidu Joins Other Internet Giants to Open a Bank