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.
- WeChat 'Glitch' Allows Family to Raise over 2 Million Yuan in 80 Minutes
- China's VAT Rebate Reform Aims to Boost Local Government Fiscal Strength
- Share Splits Raise Stock Market Suspicions
- China Faces Severe Coal Transport Capacity Shortage
- Audi Scraps Plans for New China Dealer Network
- Regions Found to Have 'Critical' Heavy Metal Emissions Now Clean Up Act
- Official PMI Spikes as Producer Prices Rise, Exports Surge
- China Adds 10% Consumption Tax for Superluxury Cars
- News Calendar, December 5-11
- Caixin's Manufacturing Indicator Dips to 50.9 in November
- Sign up to receive our free daily newsletter