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China Proposes Emergency Handling Mechanism at Banks, Insurers

July 16, 2020, 10:19 AM

The Chinese banking and insurance regulator issued draft rules on Thursday to govern operations and financial services in the event of an emergency like a natural disaster or public-health incident.

  • Financial institutions need to establish work mechanisms within six months of the final release of the rules to minimize disruption to their services and to support companies and industries affected
  • Banks should adjust loan-repayment methods for borrowers affected and can waive penalties
  • The regulator can temporarily adjust regulatory requirements if needed
  • Deadline for giving feedback on the rules is Aug. 15

--With assistance from Jessica Sui.

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