Luo Ping, a director-general of the China Banking Regulatory Commission, fired a broadside at the Basel Committee on Banking Supervision on Monday by saying its new rules are too complex.
Speaking at the Risk Asia conference in Hong Kong, Luo said a more simplistic approach is needed and that China’s own interpretation of the Basel rules are already “generally consistent” with the committee’s minimum standards.
This, he said, is more important than imposing measures and standards on countries that were not yet applicable.
“I believe it is very important to be realistic. When the rules are too complex it is more likely the...