Foreign Banks’ ‘Adjustments’ in China Only Short Term, National Financial Regulator Says

What’s new: Certain business adjustments made by foreign banks to their China operations in recent years are short-term responses to prevailing conditions and related strategic necessities, rather than indicators of long-term trends, according to a national financial regulator official.

“This is primarily due to the pandemic over the past three years and increasing uncertainties in the global economic development,” Lu Wei, who oversees the supervision of foreign-funded institutions at the state administration for financial regulation (SAFR), said at a press briefing on Friday.