Fitch: New China Directives Strengthen Role of Policy Banks

April 15, 2015 4:01 AM

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(The following statement was released by the rating agency) HONG KONG/SHANGHAI, April 15 (Fitch) Fitch Ratings says the plans announced on 12 April 2015 by China's State Council to reform the three policy banks - China Development Bank (CDB), Agricultural Development Bank of China (ADBC), and Export-Import Bank of China (ExIm) - confirm that they will remain non-commercial entities.

In separate directives on each bank, the State Council reversed an earlier plan in 2007 to commercialise the policy banks, which was put on hold during the 2008 global financial crisis. This reinforces the banks' support-driven ratings, which were affirmed by Fitch at 'A+' with Stable Outlooks on 17...

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