June 29, 2018 / 2:38 PM / 5 months ago

China's banking regulator announces rules for asset investment firms

HONG KONG, June 29 (Reuters) - China’s banking regulator announced on Friday regulations for asset investment firms that aim to effectively control the level of deleveraging in the financial sector.

The regulations, which were posted on the banking regulator’s website www.cbrc.gov.cn, come days after China’s central bank cut the amount of cash that some banks must hold as reserves.

On Sunday, China’s central bank cut the reserve requirement ratio for a third time this year, releasing $108 billion in liquidity, to accelerate the pace of debt-for-equity swaps and spur lending to smaller firms. (Reporting by Lee Chyen Yee in Singapore and Twinnie Siu in Hong Kong Editing by Catherine Evans)

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