MAS and China’s banking regulator ink supplemental MOU

Latest pact addresses the need for greater international cooperation to manage crises.

The China Banking Regulatory Commission (CBRC) and the Monetary Authority of Singapore (MAS) on Wednesday signed a Supplemental to our existing Memorandum of Understanding (MoU) to include cooperation on crisis management. Following the recent global financial crisis, there is recognition of the need for greater international cooperation to manage crises. 

The Supplemental to MoU was signed by Mr Zhou Mubing, Vice Chairman, CBRC and Ms Teo Swee Lian, Deputy Managing Director, MAS at the 8th Joint Council for Bilateral Cooperation (JCBC) meeting between China and Singapore held in Singapore. 

The MoU between CBRC and MAS was signed in May 2004. The MoU provides for a formal basis for banking supervisory cooperation between the two authorities.