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Strategies & Market Trends : China Warehouse- More Than Crockery -- Ignore unavailable to you. Want to Upgrade?

To: RealMuLan who wrote (1855)	12/10/2003 12:31:58 PM
From: RealMuLan	Read Replies (1) \| Respond to of 6370

China, U.S. to Share Banking Information Associated Press SHANGHAI, China - China's banking regulator has agreed to share information with its U.S. and other foreign counterparts as Beijing cracks down on financial crime. The announcement Wednesday comes two years after Chinese and U.S. regulators collaborated in a landmark probe of improper lending by state-run Bank of China in New York. That case resulted in a $20 million fine against the bank and the sentencing Wednesday of its former New York chief executive to 12 years in prison on bribery charges. With foreign banks expanding in China and Chinese banks going overseas, regulators have been seeking ways to improve supervision. The China Banking Regulatory Commission and U.S. Comptroller of the Currency, which oversees American banks, signed an information-sharing agreement Tuesday, the Chinese agency said on its Web site. It said the two sides plan to formalize the agreement after further talks. The commission said it intends to sign similar agreements with regulators in Britain, Singapore and South Korea. It already has one with the autonomous Chinese territories of Hong Kong and Macau. "The efficient exchange of information between regulators is the basis for maintaining good international cooperation in banking regulation," the Chinese statement said. Exchanging information will help reduce banking risks and improve cross-border bank regulations, it said. The Bank of China scandal in New York resulted in the arrest on corruption charges of Wang Xuebing, an executive who headed the branch when the loans were made. Wang, who was president of the state-owned China Construction Bank at the time of his arrest, was sentenced to 12 years in prison for taking bribes, the official Xinhua News Agency reported Wednesday. It gave no other details. But earlier state media reports said Wang was accused of taking hundreds of thousands of dollars in bribes. bayarea.com