China tighten grip on overseas operations of banks

CHINA - China unveiled rules on 20 August aimed at tightening supervision of the overseas operations of Chinese banks to prevent financial risk.

The central bank's announcement of the "guiding principles" came as the Bank of China reorganises its Hong Kong units to prepare for a stock listing there.

In a statement posted on its website, the central People's Bank of China said the rules aimed to encourage cautious operations and healthy development of overseas units of Chinese banks.

The guidelin