NAFR To Quicken Reform Of Small and Medium-sized Banks

China’s top financial regulator said it will focus on accelerating the reform of small and medium-sized financial institutions to prevent and control risks, the state-run Xinhua News Agency reported on Sunday citing Li Yunze, director at the National Administration of Financial Regulation. NAFR will increase the intensity of risk resolution while considering the affordability of institutions and the financial market, and promote “one province one policy” and “one bank one policy” to avoid uniformity, said Li. It will also promote structural optimisation of smaller banks, let insurance companies return to their primary function of providing protection and guide non-bank institutions including asset management companies to adhere to their positioning.