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Regulator: Illegal bank money barred from stock market

By Xu Shenglan (chinadaily.com.cn)
Updated: 2008-04-25 17:45

Financial regulators will continue to monitor bank funds and prevent them from flowing into the stock market illegally, Jiang Dingzhi, Vice-President of the China Banking Regulatory Commission (CBRC), told a financial forum recently.

According to a report by the Oriental Morning Post, Jiang said the move was to ensure the smooth development of the capital market and steady profit growth of commercial banks. Meanwhile, the regulator will strictly control total credit volume and prevent bad loans from rebounding, he said.

The CBRC will also closely follow the developments related to the US sub-prime crisis and require commercial banks to set aside enough allowance and to dispose of sub-prime related assets and losses in time, he added.

According to CBRC statistics, the average weighed capital adequacy ratio at Chinese commercial banks was 8.11 percent last year; it was the first time over 8 percent which was required by the Basel Accord. Some 161 banks met the 8-percent standard before the end of last year, compared with only 8 in 2003, suggesting the banking sector is significantly less susceptible to risk.