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
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