Asia response to revised Basel Accord

Asian countries have responded well to proposals for a new regulatory framework strengthening the global banking system and allowing banks more independence in assessing capital risk, according to New York Federal Reserve President William McDonough. "The reception in Asia has been extremely positive," said McDonough, also Chairman of the Swiss-based Basel Committee.

"By coming to Asia, we are on a fact finding tour rather than a sales tour of the (revised) Basel accord," he told reporters

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