BEIJING: Chinese regulators unveiled a slew of measures to ensure stability of its US$45 trillion financial system as the nation stepped up the fight against the spreading virus.
The China Banking and Insurance Regulatory Commission will "suitably extend the grace period” for firms that have difficulty meeting the end-2020 deadline to comply with new asset management rules, CBIRC vice chairman Cao Yu said in an interview published on Saturday.
For insurers with ample solvency, the regulator will allow them to "appropriately raise their investment” in equities from the current limit of 30% of assets, Cao said.