ArmInfo.The Central Bank of Armenia and the China Banking and Insurance Regulatory Commission (CBIRC) signed a memorandum of understanding. As the press service of the Central Bank of Armenia told ArmInfo, the signing of this document took place on September 12 at the end of the meeting of the Chairman of the Central Bank of Armenia Artur Javadyan with the delegation of CBIRC headed by the deputy governor of the People's Bank of China Guo Shuqing.
"The global financial crisis has become a lesson and dictated the importance of efficient dialogue and relationships between financial supervisory authorities." The agreement signed in 2015 on the conclusion of SWAP transactions in national currencies demonstrates effective cooperation between the regulators of the financial systems of our two countries, both within the framework of international and regional structures and in the context of bilateral partnership. The correct approach and clarity in cooperation and dialogue contribute to the formation of effective risk management systems in the financial sector and the development of specific standards for supervision, "said the Head of the Central Bank of Armenia Artur Javadyan.
To note, China Banking and Insurance Regulatory Commission (CBIRC) was established in March 2018 by merging the Banking Regulatory Commission and the Insurance Regulatory Commission. The new commission was delegated the powers and subjects of the previous commissions (regulation of banking and insurance), except for drafting laws and other regulatory legal acts on banking and insurance issues, which were transferred to the People's Bank of China.
