On 20 October 2010, the sixth plenary meeting of the Financial Stability Board was held in Seoul, South Korea. An important preparatory meeting before the G20 Seoul Summit in September, it discussed and adopted documents which will be reported to the G20 Ministers and Governors meeting later in October and then to the Seoul Summit.
Governor Zhou Xiaochuan of the People s Bank of China, Chairman Liu Mingkang of the China Banking Regulatory Commission, and Deputy Minister Li Yong of the Ministry of Finance, attended the meeting. Other high level representatives from FSB member economies and international institutions also participated in the meeting.
Members discussed the new capital and liquidity standards for banks, principles for reducing reliance on the credit rating agencies (CRA) ratings, addressing risks posed by systemically important financial institutions, as well as recommendations for OTC derivatives central clearing and reporting to trade repositories. They also discussed international accounting convergence, setting up FSB regional outreaches and future work plans.
The Financial Stability Board was established in accordance with the communiqu of the G20 London Summit in April 2009. It comprises G20 member countries and relevant economies, as well as related international organizations. FSB has been entrusted by G20 leaders and recognized by the international community as the core institution promoting the establishment and implementation of global financial standards.
China joined the FSB in May 2009. The People s Bank of China, the Ministry of Finance, CBRC, CSRC and CIRC all devote themselves to the FSB s course from various aspects and have achieved encouraging accomplishments in participating in establishing international financial standards and promoting domestic financial regulation and supervision reforms.
