CBRC chair: Simplify finance standards

Basel committee rules tend to drive up banks' compliance costs, Shang Fulin says

China Banking Regulatory Commission Chairman Shang Fulin on Wednesday urged members of the Basel Committee on Banking Supervision to work together to draw up simple, transparent international regulations.

In recent years, international financial regulations have become increasingly complex as the banking system becomes ever more complicated and vulnerable to financial risks. Many bankers complain that the rules have become onerous, especially in terms of capital buffers and liquidity. This situation drives up compliance costs for banks and reduces the effectiveness of supervision, Shang told the 18th International Conference of Banking Supervisors in Tianjin.