Central Bank report: the Market Reform and reorganization of contractor Banks is being promoted

| gov.cn

Xinhua News Agency, Beijing, 16 Nov (Reporter Wu Yu) the people's Bank of China released a report on the 16th, saying that with the joint efforts of all parties, the contractor Bank's takeover of custody work is progressing smoothly, and the third phase of market-oriented reform and reorganization is being promoted. In the next step, the people's Bank of China, in conjunction with relevant departments, will continue to improve the reform and restructuring plan of contractor banks, strengthen shareholder management and corporate governance of small and medium-sized banks, and promote the healthy development of small and medium-sized banks.

The people's Bank of China and the China Banking and Insurance Regulatory Commission took over the contractor Bank decisively on May 24 in accordance with the law. In response to this, according to the report on the implementation of China's Monetary Policy released by the Central Bank in the third quarter of 2019, the contractor Bank's takeover of custody is progressing smoothly, and the first phase of the acquisition and transfer of large claims has been successfully completed. The second stage of the liquidation of assets has been basically completed, on this basis, the third stage of market-oriented reform and reorganization is being promoted.

The people's Bank of China said that the contractor Bank is operating normally and there have been no mass incidents such as customer runs. On the whole, the decisive implementation of the takeover played a timely "hemostatic" role, stopped financial violations, and curbed the spread of risks. Disposing of contractor bank risks by way of acquisition and undertaking not only protects the legitimate rights and interests of customers to the maximum extent, but also breaks the rigid payment in accordance with the law, rectifies the radical behavior of some institutions, and then strengthens market discipline. It promotes the reasonable credit stratification of the financial market.

The report said that the people's Bank of China has decisively injected liquidity into the market in a variety of ways, established "four lines of defense" to prevent liquidity risks in small and medium-sized banks, and promptly stabilized market confidence through monetary policy operations. It has effectively curbed the spread of contractor bank risks to other small and medium-sized banks and played an important role in maintaining the smooth operation of currencies, bills, bonds and other financial markets.

Next, the people's Bank of China said that it will work with relevant departments to actively promote the reform and restructuring of contractor banks, at the same time, pay close attention to making up for the shortcomings of the regulatory system, strengthen shareholder management and corporate governance of small and medium-sized banks, and promote the healthy development of small and medium-sized banks.

Central Bank report: the Market Reform and reorganization of contractor Banks is being promoted

| gov.cn

Xinhua News Agency, Beijing, 16 Nov (Reporter Wu Yu) the people's Bank of China released a report on the 16th, saying that with the joint efforts of all parties, the contractor Bank's takeover of custody work is progressing smoothly, and the third phase of market-oriented reform and reorganization is being promoted. In the next step, the people's Bank of China, in conjunction with relevant departments, will continue to improve the reform and restructuring plan of contractor banks, strengthen shareholder management and corporate governance of small and medium-sized banks, and promote the healthy development of small and medium-sized banks.

The people's Bank of China and the China Banking and Insurance Regulatory Commission took over the contractor Bank decisively on May 24 in accordance with the law. In response to this, according to the report on the implementation of China's Monetary Policy released by the Central Bank in the third quarter of 2019, the contractor Bank's takeover of custody is progressing smoothly, and the first phase of the acquisition and transfer of large claims has been successfully completed. The second stage of the liquidation of assets has been basically completed, on this basis, the third stage of market-oriented reform and reorganization is being promoted.

The people's Bank of China said that the contractor Bank is operating normally and there have been no mass incidents such as customer runs. On the whole, the decisive implementation of the takeover played a timely "hemostatic" role, stopped financial violations, and curbed the spread of risks. Disposing of contractor bank risks by way of acquisition and undertaking not only protects the legitimate rights and interests of customers to the maximum extent, but also breaks the rigid payment in accordance with the law, rectifies the radical behavior of some institutions, and then strengthens market discipline. It promotes the reasonable credit stratification of the financial market.

The report said that the people's Bank of China has decisively injected liquidity into the market in a variety of ways, established "four lines of defense" to prevent liquidity risks in small and medium-sized banks, and promptly stabilized market confidence through monetary policy operations. It has effectively curbed the spread of contractor bank risks to other small and medium-sized banks and played an important role in maintaining the smooth operation of currencies, bills, bonds and other financial markets.

Next, the people's Bank of China said that it will work with relevant departments to actively promote the reform and restructuring of contractor banks, at the same time, pay close attention to making up for the shortcomings of the regulatory system, strengthen shareholder management and corporate governance of small and medium-sized banks, and promote the healthy development of small and medium-sized banks.





















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