BEIJING, Feb. 27 (Xinhua) -- China's central bank Wednesday issued the standard description of the basic information about commercial bank guaranties to further regulate the development of the financial industry, reported the China Securities Journal on Thursday.
The move is a beneficial exploration for high-quality financial development under the support of financial standards, as it unifies the “working language” for the basic depiction and risk management of guaranties, said Fan Yifei, deputy governor of the People's Bank of China.
These standards also provide support for the refined management and product service innovation in China's credit business, and are favorable for the inter-bank and cross-industry sharing and interconnection of the basic information on guaranties, noted Fan.
He also pointed out that financial standards formulated and introduced by China in recent years have played an important role in supporting finance to serve the real economy, forestalling financial risks and furthering financial reform. (Edited by Gu Shanshan)
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