SHANGHAI : China on Saturday tightened risk management requirements on banks, requiring them to classify financial-asset risks in a timely and prudent manner, in a bid to better assess lenders' credit risks.From July 1, banks must classify assets beyond the currently required loans - including bond invest
SHANGHAI : China on Saturday tightened risk management requirements on banks, requiring them to classify financial-asset risks in a timely and prudent manner, in a bid to better assess lenders' credit risks.
The rules will help"commercial banks evaluate credit risks more accurately and reflect the true quality of their financial assets," said the People’s Bank of China and the China Banking and Insurance Regulatory Commission . The rules will apply to banks' new business. They have until the end of 2025 to reclassify existing financial assets.
Saturday's rules urge banks to scrutinise the underlying assets when they classify risks for asset management or securitisation products.
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