BEIJING: China's banking and insurance watchdog issued rules on Wednesday requiring sizable banks, insurers and financial leasing firms to prepare recovery plans for the unlikely event that they run into financial trouble, as the regulator seeks to enhance risk management of country's financial sector.
Banks, rural credit cooperative and other deposit-taking institutions with total assets of no less than 300 billion yuan (US$46.96 billion) should prepare such recovery and resolution plans, the China's Banking and Insurance Regulatory Commission (CBIRC) said in a statement on its website.
Insurers with total assets of no less than 200 billion yuan should also prepare such plans, it added.
(US$1 = 6.3885 Chinese yuan renminbi)
(Reporting by Cheng Leng and Ryan Woo; editing by Louise Heavens)