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CBRC may delay foreign technology rules

CBRC may delay foreign technology rules

(20 April 2015 – China)  Chinese banks received a notice from the China Banking Regulatory Commission (CBRC) suspending the implementation of guidelines that would limit the banks’ use of foreign technology.

According to a Bloomberg source, the notice told the banks that the rules need to be revised.

The guidelines which had been due to take effect in April and have been delayed not cancelled.

China’s broad national strategy includes moves to purge most foreign technology for banks, state-owned enterprise and the military by 2020.

Trade groups from the United States, Europe and Japan urged China to suspend the bank technology rules, arguing that the policies would limit Chinese companies’ security options.

The CBRC have so far declined to comment on the delay.

Last September, the banking regulator asked lenders to use “safe and controllable” information technology starting in 2015, which should account for around 75 percent of the total by 2019.

In January the CBRC also sent a note directing banks to consider ways to use more domestic products or foreign brands that comply with government requirements.

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