China, Dubai to join hands in supervising banks

BEIJING, Oct 8 (Reuters) China has signed a memorandum with Dubai to strengthen cooperation in supervising banks, the China Banking Regulatory Commission said on Monday.

Beijing will cooperate with the Dubai Financial Services Authority in areas such as information sharing and on-site inspections, according to the statement.

Liu Mingkang, China's top banking regulator, signed the agreement with David Knott, chief executive of the Dubai agency.

The agreement is the 27th that the CBRC has signed with its overseas counterparts.

Under the terms of China's Qualified Domestic Institutional Investor programme, banks may invest client money only in countries that have signed such a memo with the CBRC.

The memorandum comes at a time of deepening trade and investment links between China and Middle East, both flush with large reserves of dollars.

REUTERS MP HT1608