PBOC Said to Be Talking to Major Banks about Deposit Insurance
(Beijing) – The central bank has been consulting executives of major banks about creating a deposit insurance mechanism and may announce a draft plan early next year, a source close to the situation said.
Advocates have called for such a system for years, saying it is the cornerstone of further financial reform. Without it, they argue, the government will be held as hostage to banks who may act irresponsibly because they know the government will not let them fail and hurt tens of millions of depositors.
- Caught in Rising China's Centrifuge
- Gov't Orders End to Sending Blood Samples Abroad for Fetus Sex Checks
- Capital Said to Plan Residence Permit System to Address Benefits Inequality
- Reserved Parking
- The New Capital of Bio-Tech and Life Sciences
- Young at Art
- Bumper Harvest
- Embattled Founder Securities 'Cannot Reach Its Chairman'
- Fantasy Islands: Chinese Dreams and Ecological Fears in an Age of Climate Crisis
- Shanghai Future: Modernity Remade
- Sign up to receive our free daily newsletter
- HR Boss of Major Telecoms Supplier 'Missing after Making Graft Allegations'
- Samsung Loses Connection with Chinese Consumers in 2014
- Scandal-Hit GlaxoSmithKline 'to Lay Off 1,000 Employees in China'
- Mao's Winding Road to Socialism
- Year after Launch of Shanghai FTZ, Three New Zones Set to Open
- China Boots Up an Internet Banking Industry
- Provincial, Regional Gov'ts Prepare for a More Frugal Future
- Gov't to Give Employees 60 Pct Pay Hike as Part of Pension Reform
- Downfall of Party Internet Policeman 'Helped Lead to National Cleanup Campaign'
- Banks Trying Direct Route to Online Future