Thursday, 4 March 2021, 7:40 am
GENEVA (3 March 2021) - A UN human rights expert today
called for urgent reforms to the international debt
architecture, saying the ‘big three’ credit rating
agencies had excessive influence over lending decisions, and
conditions and interest rates of sovereign debts.
In
her first report
to the Human Rights Council, the UN Independent Expert on
debt and human rights, Yuefen Li, said that “past
financial and debt crises, in particular the sub-prime
mortgage crisis and the Asian financial crisis, already
exposed the inherent structural problems of credit rating
agencies”.
“Instead of warning of the coming of a
debt crisis, and playing a role in preventing it, they end
China ushers in two sessions time
Cao Siqi Published: Mar 03, 2021 11:23 PM
Guo Weimin, spokesperson for the fourth session of the 13th National Committee of the Chinese People s Political Consultative Conference (CPPCC), speaks to media at a press conference on Wednesday, ahead of the top political advisory body s annual session. Photo: VCG
Top political advisory body held its first press conference on Wednesday ahead of its annual sessions, which means China has officially ushered in two session time. The country s annual top political event carries extra weight this year, as China moves to further consolidate its lead in the fight against COVID-19 pandemic and poises to set ambitious goals for years to come.
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Now, resolution plans for banks, insurers soon By JIANG XUEQING | China Daily | Updated: 2021-03-02 09:07 Share CLOSE An employee of Lin an Rural Commercial Bank counts banknotes at the bank s branch in Xitianmu area in Hangzhou, capital of Zhejiang province, on Feb 25. [Photo by Hu Jianhuan For China Daily]
Any woes at too big to fail institutions won t be allowed to snowball into risks
China will launch standardized and unified requirements for large and medium-sized banking and insurance institutions to make resolution plans.
Commonly known as living wills , resolution plans are detailed strategies for orderly resolution of material financial distress or failure of institutions. They help prevent systemic risks and maintain financial stability during such circumstances.
Now, resolution plans for banks, insurers soon-China will launch standardized and unified requirements for large and medium-sized banking and insurance institutions to make resolution plans.