China to introduce intl accounting standards

China will gradually introduce international accounting standard into the state-owned commercial bank sector to encourage ongoing banking reforms, the People's Bank of China said in a statement on its website.

The statement cited Wu Xiaoling, the Deputy Governor of the People's Bank of China, as saying that introducing international accounting standards and bringing more clarity into China's market will assist China's banking reforms.

This can improve the quality of state-owned commercial banks

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