BEIJING: China's central bank issued guidelines on Thursday on identifying the country's systemically important banks in a move to fend off major financial risks.
The People's Bank of China (PBOC) and the China Banking and Insurance Regulatory Commission (CBIRC) will jointly grade and announce a list of systemically important banks once a year, according to the guideline that is to take effect from Jan. 1.
The top 30 banks by assets, including policy banks as well as commercial banks, will be included for the grading, the statement said.
The final list will be submitted to the State Council's Financial Stability Board for approval.
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