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Bank of China wants market reform

09-14-2010 08:59 BJT

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The Bank of China chairman says the reform of China's financial market, including the yuan and interest rates, remains urgent.

Xiao Gang says it's too early to predict when Chinese commercial banks will adopt the Basel Ⅲ rules, because China still hasn't implemented Basel Ⅱ. That was introduced in June 2004, to create an international standard for bank capital regulations.

The chairman also says it's too early to assess the impact of Basel Ⅲ on individual banks, given they have 8 years to implement it. Chinese lenders are in a rush to replenish capital, after a credit spree in 2009.

Editor:Xiong Qu |Source: CNTV.CN

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