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China adds more members to rate-setting mechanism

SHANGHAI : A financial industry body supervised by China's central bank and tasked with setting its benchmark rates is adding new members as part of efforts to improve the country's rate-setting mechanism, China's interbank market operator said on Friday.

Following an annual review, the self-regulatory mechanism for market rate pricing has decided to select 15 highly-rated financial institutions, such as Industrial and Commercial Bank of China, as core members.

It also decided to add 1,574 financial institutions such as Huaxia Bank as basic members, and a further 478 financial institutions as observer members, the National Interbank Funding Center said in a statement on its website.

(Reporting by Samuel Shen and Andrew Galbraith; Editing by Gareth Jones)

Source: Reuters

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