Regulator flays US move on foreign firms

China's top securities regulator on Sunday voiced firm opposition to the politicization of securities regulation. The China Securities Regulatory Commission (CSRC) made the remarks when asked to comment on the Holding Foreign Companies Accountable Act passed in the US Senate last week, which seeks extra information disclosure from foreign public companies in the US market. The Chinese side has always attached high importance to the audit oversight cooperation between China and the US with respect to capital markets, CSRC officials said. The Chinese securities regulator has made great efforts to ensure the quality of Chinese companies listed in the US, it said.

Takeover of Baoshang Bank extended

The People's Bank of China, the central bank, has extended the takeover of the Inner Mongolia-based Baoshang Bank for another six months, starting Sunday. Financial regulators took control of the commercial bank in May last year for a preliminary one-year period due to its "serious credit risks." Follow-up takeover procedures will take a longer time due to the COVID-19 outbreak, the PBOC said on its website. Solid progress was made after the takeover, it said. Mengshang Bank, a new commercial bank set up to acquire Baoshang Bank's assets, liabilities, businesses and employees within Inner Mongolia autonomous region, has started operations.

Xinhua - China Daily