China and Thailand have signed a memorandum of understanding on
banking supervision cooperation, the China Banking Regulatory
Commission (CBRC) said on its Website on Sunday.
According to the memo signed by CBRC Director Liu Mingkang and
Governor of Bank of Thailand Pridiyathorn Devakula during the World
Bank meetings in Singapore, the two countries agreed to cooperate
on banking information exchange, market access and spot
inspection.
The commission said the memo would help it improve bilateral
banking supervision cooperation mechanism and enhance transnational
banking supervision.
By the end of August this year, three Thailand-funded banks have
opened nine branches in China, while China opened one bank branch
in Thailand.
CBRC has signed memos and bilateral banking supervision
cooperation accords with 22 countries and regions under the
principles of the Basel Committee on banking supervision.
The Basel Committee, founded in 1975 by 10 countries, aims to
promote international cooperation in banking supervisory
matters.
(Xinhua News Agency October 9, 2006)
