The CBRC and the Bank Indonesia signed MoU on cross-border supervisory cooperation

Recently, the CBRC Chairman LIU Mingkang and Bank Indonesia Acting Governor Darmin Nasution together signed a Memorandum of Understanding (MoU) on cross-border banking supervisory cooperation, which dedicates to promoting supervisory cooperation on such fields as information sharing.

In line with the guidelines issued by the Basel Committee on cross-border banking supervision, the CBRC has been active in establishing formal supervisory cooperation mechanisms with overseas supervisory authorities. Till now, the CBRC has signed MoUs with supervisory authorities from 39 countries and regions, including the U.S., the U.K., Malaysia, Australia, Nigeria, Hong Kong SAR, and Indonesia.

The signing of MoU lays the foundation for establishing and improving cross-border cooperative mechanisms between the CBRC and overseas counterparts, which facilitate the cross-border information sharing and cross-checking, timely notification of problems or unhealthy trends in cross-border banking activities for early warning and prompt correction, and thereby promoting the safe and sound development of banking institutions across the nations.