China abandons early adoption plan for Basel III
China Banking Regulatory Commission drops plans to implement Basel Committee timetable early because of eurozone and domestic growth fears
The Chinese government announced on Wednesday that it will adopt the Basel III capital framework for commercial banks from January 1, 2013, in line with international norms.
China had circulated draft rules in August 2011 with the intention of implementation at the start of 2012, a year ahead of the Basel Committee's timeline. However, Chinese regulators have been moving cautiously due to the ongoing eurozone crisis and fears that early implementation would slow the domestic economy.
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