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.
- Gov't Switches Subsidy Focus from Small Farmers to Major Growers
- Rescue in the Works for Indebted Sinosteel
- South China Sea Issue Is Litmus Test for Sino-U.S. Relationship
- China Gives Chile's Institutional Investors 50 Bln Yuan Quota
- Minibus Plunge
- Party's 'United Front' Meeting Said to Be Aimed at Earning Reform Support
- Banks Face Obstacles to Using Biometric Data for ID Purposes
- The Week in Photos: May 16-22
- Graphics: Migrant March Slows
- Will the capital's ban on smoking indoors that comes into effect on June 1 be effective?
- Sign up to receive our free daily newsletter
- Phone Maker Transsion Catches the African Beat
- Solar Panel Maker Suffering HK Share Sell-Off 'Failed to Repay Loans'
- The Big VIE Question
- Rain on CCTV's Moscow Parade Coverage
- China Unleashes Bonds to Tackle Local Debt
- Gov't Announces Plan to Upgrade Factories over Next Decade
- Tencent Expands Net Bank Experiment to 50,000 Social Media Users
- Public Hospitals to Be Opened to Investors, State Council Says
- Shanghai Transport Officials Move to Regulate Popular Taxi App
- Time for Reform Advocates to Step to the Fore