China’s banks are in a deepening stand-off with regulators over the level of provisions they must make to protect against loan defaults as bad debts continue to climb.
While institutions are required to maintain provisions of at least 150 per cent of non-performing loans, the largest banks are pressing for looser rules through a mixture of public lobbying and private defiance.
Industrial and Commercial Bank of China has flouted the rule for three consecutive quarters and an executive told the Financial Times that the bank would find it difficult to come back into compliance.
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