On the day of October 24th, Governor ZHOU Xiaochuan signed the Memorandum of Understanding(MOU) with the Federal Deposit Insurance Corporation Chairman Martin J. Gruenberg in Beijing, which was aimed to expand cooperation between two agencies in the area of financial services, depositor protection, resolution of cross-border financial institutions, crisis management and international financial stability policy deliberations through enhanced information sharing, dialogues and policy coordination. Governor ZHOU Xiaochuan and Deputy Governor LIU Shiyu of the People’s Bank of China held meetings with Mr.Gruenberg and his delegation respectively, discussing a couple of policy issues in the areas of financial services, deposit insurance and financial stability among other things. The delegation also had meetings with the Ministry of Finance and China Banking Regulatory Commission during the visit in Beijing.
With the increasing cross border operations of both Chinese and U.S. Financial institutions, the complexity of these institutions creates unique challenges for domestic and international regulatory authorities. In 2007, the two agencies signed the MOU to strengthen communication and cooperation in financial services, deposit insurance, promoting the soundness of the banking organizations as well as exchanges and training of officials. Over the past 6 years, the two agencies have maintained close interactions through active communications, exchange of officials and cooperations. The signing and updating of the MOU marks further progress in mutual cooperation and will help both Parties further strengthen communication and cooperation in deposit insurance and other areas related to financial stability.
