China's cb says reform needed in commercial banks

CHINA - The governor of the People's Bank of China, Dai Xianglong, has reiterated the need for Chinese state-owned commercial banks to reform their management and risk control practices. He said the banks need to develop and implement business plans that specify profit and loss reduction targets.

China's history of murky acounting practices and state-directed lending has left its four large state-owned commercial banks with non-performing loan ratios averaging 24.5%.

The central bank has cal

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