June 28, 2017 / 12:57 AM / a year ago

China's CBRC in talks with Hong Kong on mainland regulatory co-operation - Xinhua

SHANGHAI, June 28 (Reuters) - China’s top banking regulator said it is talking with the Hong Kong Monetary Authority to sign a memorandum of understanding on cooperation over the regulation of Hong Kong banks’ activity on the mainland, the official Xinhua news agency reported.

The news agency said, citing an unidentified China Banking Regulatory Commission official, that the CBRC will adopt a communication policy with the HKMA to promote the business of Hong Kong banks on the mainland.

The memorandum will also focus on and business cooperation and preventing risk, Xinhua said on Tuesday.

A youth exchange will be set up to encourage Hong Kong students to take summer internships at mainland financial institutions, the news agency said.

The two regulators have previously signed MOUs on matters such as direct investment by qualified institutions and cross-border crisis management.

Reporting by Engen Tham and Wang Jing; Editing by Eric Meijer

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