Overseas bank watchdog needed

THE rapid expansion of Chinese banks overseas has led to calls for the establishment of a central agency to monitor and promote their activities.

The move is part of deliberations under way in China to develop more Chinese banks into top-ranking international operations.

A British financial magazine has listed six Chinese banks among the world's top 1,000 banks, with the Industrial and Commercial Bank of China listed in seventh place, the Bank of China 21st, the People's Construction Bank of China 47th and the Agricultural Bank of China 54th.

By the end of last year, these four specialised banks had opened more than 500 branches or offices outside China, with total capital of US$120 billion.