FDIC inks MoU with China on bank resolution

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The Federal Deposit Insurance Corporation (FDIC) and the People's Bank of China (PBoC) have signed a memorandum of understanding (MoU) aimed at strengthening co-operative efforts to resolve failing cross-border banks and ensure the safety of depositors' money.

The document, which was signed by FDIC chairman Martin Gruenberg and PBoC governor Zhou Xiaochuan in Beijing yesterday, will also expand collaboration on planning for recovery and resolution scenarios, including simulations and contingency

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