China signs deals with UAE, Cyprus on bank oversight

China’s bank regulator has signed agreements with the United Arab Emirates and Cyprus to share banking information and increase coordination in times of crisis.

China Banking Regulatory Commission (CBRC) already has such agreements with 46 nations including the United States, the United Kingdom, Germany and Italy in an effort to increase oversight on the finance industry.

“It will help the CBRC improve bilateral regulatory coordination and increase its oversight on banks operating across borders,” the bank watchdog said in statements published on its website, www.cbrc.gov.cn.

Since the 2008 financial crisis, China has moved faster to sign more of such deals with other foreign governments.

Reuters

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