Chinese banks improve risk measurement

banking system has made significant improvements in risk measurement, according to a report by the International Monetary Fund (IMF), Bloomberg Businessweek reports.

However, the IMF report calls for Chinese regulators to seek more expertise to manage risks and says they need continued support from the government.

According to the report, bank complexities and risks are increasing along with further opening up and innovation in the country's financial market, which requires the top regulator to evolve quickly in the short term and get ready to meet the challenges, ChinaDaily.com states.

The IMF and World Bank report indicates that the framework of laws and guidance in the Chinese banking sector's risk management system "is generally of high quality, but much of it is relatively recent. Implementation by banks needs to be improved."

Henry Chang, head of treasury at OCBC Bank China, made similar comments to those in the IMF report, suggesting the country needs more financial professionals, CRIEnglish.com says.

Chang points out: "China needs to develop and manage the talent pool, because it is a necessary preparation for the industry to face a more complex, more dynamic and riskier environment.”