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Foreign Banks' 'Adjustments' in China Only Short Term
Published on: 2023-10-24
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Adjustments made by certain foreign banks are intended for a specific period and aren't part of a trend, an official with China's new financial regulatory body said on Friday, in response to a change in business operation by some foreign banks.

An official with China's National Financial Regulatory Administration (NFRA) told a press conference that regulators have taken note of the adjustments made by certain foreign-funded banks recently, the Shanghai Securities News reported.

"Due to a background of the epidemic and increased uncertainty in global economic development in the past three years, the parent banks of some foreign-funded banks have made certain adjustments based on their own operating conditions and strategies," the official said.

Such adjustments are intended for a specific time period and do not have long-term or trend characteristics, the official noted.



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