Bank for International Settlements
The Bank for International Settlements (BIS) is an intergovernmental organization of central banks which "fosters international monetary and financial cooperation and serves as a bank for central banks." It is not accountable to any national government. The BIS carries out its work through subcommittees, the secretariats it hosts, and through its annual General Meeting of all members. It also provides banking services, but only to central banks, or to international organizations like itself. Based in Basel
Basel or Basle In the national languages of Switzerland the city is also known as Bâle , Basilea and Basilea is Switzerland's third most populous city with about 166,000 inhabitants. Located where the Swiss, French and German borders meet, Basel also has suburbs in France and Germany...

, Switzerland, the BIS was established by the Hague agreements
Hague Agreement
Hague Agreement may refer to:* The Dutch-Indonesian Round Table Conference* The Hague Agreement Concerning the International Deposit of Industrial Designs...

 of 1930. The name of the BIS in German: Bank für Internationalen Zahlungsausgleich (BIZ), in French: Banque des Règlements Internationaux (BRI), in Italian: Banca dei Regolamenti Internazionali (BRI). It has representative offices in Hong Kong and Mexico City.

Organization of central banks

As an organization of central banks, the BIS seeks to make monetary policy
Monetary policy
Monetary policy is the process by which the monetary authority of a country controls the supply of money, often targeting a rate of interest for the purpose of promoting economic growth and stability. The official goals usually include relatively stable prices and low unemployment...

 more predictable and transparent among its 58 member central banks. While monetary policy is determined by each sovereign nation, it is subject to central and private banking scrutiny and potentially to speculation that affects foreign exchange
Foreign exchange market
The foreign exchange market is a global, worldwide decentralized financial market for trading currencies. Financial centers around the world function as anchors of trading between a wide range of different types of buyers and sellers around the clock, with the exception of weekends...

 rates and especially the fate of export economies. Failures to keep monetary policy in line with reality and make monetary reform
Monetary reform
Monetary reform describes any movement or theory that proposes a different system of supplying money and financing the economy from the current system.Monetary reformers may advocate any of the following, among other proposals:...

s in time, preferably as a simultaneous policy
Simultaneous policy
Simultaneous policy requires governments in all jurisdictions at once, worldwide, to implement a policy shift at once, so that none is disadvantaged or unfairly advantaged....

 among all 58 member banks and also involving the International Monetary Fund
International Monetary Fund
The International Monetary Fund is an organization of 187 countries, working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world...

, have historically led to losses in the billions as banks try to maintain a policy using open market
Open market
The term open market is used generally to refer to a situation close to free trade and in a more specific technical sense to interbank trade in securities.-Use of the term in economic theory:...

 methods that have proven to be unrealistic. Central banks do not unilaterally "set" rates, rather they set goals and intervene using their massive financial resources and regulatory powers to achieve monetary targets they set. One reason to coordinate policy closely is to ensure that this does not become too expensive and that opportunities for private arbitrage
In economics and finance, arbitrage is the practice of taking advantage of a price difference between two or more markets: striking a combination of matching deals that capitalize upon the imbalance, the profit being the difference between the market prices...

 exploiting shifts in policy or difference in policy, are rare and quickly removed.

Two aspects of monetary policy have proven to be particularly sensitive, and the BIS therefore has two specific goals: to regulate capital adequacy and make reserve requirement
Reserve requirement
The reserve requirement is a central bank regulation that sets the minimum reserves each commercial bank must hold of customer deposits and notes...

s transparent.

Regulates capital adequacy

Capital adequacy policy applies to equity
The capital stock of a business entity represents the original capital paid into or invested in the business by its founders. It serves as a security for the creditors of a business since it cannot be withdrawn to the detriment of the creditors...

 and capital asset
Capital asset
The term capital asset has three unrelated technical definitions, and is also used in a variety of non-technical ways.*In financial economics, it refers to any asset used to make money, as opposed to assets used for personal enjoyment or consumption...

s. These can be overvalued in many circumstances because they do not always reflect current market conditions or adequately assess the risk of every trading position. Accordingly the BIS requires the capital/asset ratio
Capital adequacy ratio
Capital adequacy ratio , also called Capital to Risk Assets Ratio , is a ratio of a bank's capital to its risk...

 of central banks to be above a prescribed minimum international standard, for the protection of all central banks involved. The BIS's main role is in setting capital adequacy requirements. From an international point of view, ensuring capital adequacy is the most important problem between central banks, as speculative lending based on inadequate underlying capital and widely varying liability rules causes economic crises as "bad money drives out good" (Gresham's Law
Gresham's Law
Gresham's law is an economic principle that states: "When a government compulsorily overvalues one type of money and undervalues another, the undervalued money will leave the country or disappear from circulation into hoards, while the overvalued money will flood into circulation." It is commonly...


Encourages reserve transparency

Reserve policy is also important, especially to consumers and the domestic economy. To ensure liquidity and limit liability
Liability (financial accounting)
In financial accounting, a liability is defined as an obligation of an entity arising from past transactions or events, the settlement of which may result in the transfer or use of assets, provision of services or other yielding of economic benefits in the future.A liability is defined by the...

 to the larger economy, banks cannot create money in specific industries or regions without limit. To make bank depositing and borrowing safer for customers and reduce risk of bank runs, banks are required to set aside or "reserve".

Reserve policy is harder to standardize as it depends on local conditions and is often fine-tuned to make industry-specific or region-specific changes, especially within large developing nations. For instance, the People's Bank of China
People's Bank of China
The People's Bank of China is the central bank of the People's Republic of China with the power to control monetary policy and regulate financial institutions in mainland China...

 requires urban banks to hold 7% reserves while letting rural banks continue to hold only 6%, and simultaneously telling all banks that reserve requirements on certain overheated industries would rise sharply or penalties would be laid if investments in them did not stop completely. The PBoC is thus unusual in acting as a national bank
National bank
In banking, the term national bank carries several meanings:* especially in developing countries, a bank owned by the state* an ordinary private bank which operates nationally...

, focused on the country not on the currency, but its desire to control asset inflation is increasingly shared among BIS members who fear "bubbles
Economic bubble
An economic bubble is "trade in high volumes at prices that are considerably at variance with intrinsic values"...

", and among exporting countries that find it difficult to manage the diverse requirements of the domestic economy, especially rural agriculture, and an export economy, especially in manufactured goods. Effectively, the PBoC sets different reserve levels for domestic and export styles of development. Historically, the US also did this, by dividing federal monetary management into nine regions, in which the less-developed Western US had looser policies.

For various reasons it has become quite difficult to accurately assess reserves on more than simple loan instruments, and this plus the regional differences has tended to discourage standardizing any reserve rules at the global BIS scale. Historically, the BIS did set some standards which favoured lending money to private landowners (at about 5 to 1) and for-profit corporations (at about 2 to 1) over loans to individuals. These distinctions reflecting classical economics
Classical economics
Classical economics is widely regarded as the first modern school of economic thought. Its major developers include Adam Smith, Jean-Baptiste Say, David Ricardo, Thomas Malthus and John Stuart Mill....

 were superseded by policies relying on undifferentiated market values – more in line with neoclassical economics
Neoclassical economics
Neoclassical economics is a term variously used for approaches to economics focusing on the determination of prices, outputs, and income distributions in markets through supply and demand, often mediated through a hypothesized maximization of utility by income-constrained individuals and of profits...


Tier 1 versus total capital

The BIS sets "requirements on two categories of capital, Tier 1 capital and Total capital. Tier 1 capital
Tier 1 capital
Tier 1 capital is the core measure of a bank's financial strength from a regulator's point of view. It is composed of core capital, which consists primarily of common stock and disclosed reserves , but may also include non-redeemable non-cumulative preferred stock...

 is the book value of its stock plus retained earnings. Tier 2 capital
Tier 2 capital
Tier 2 capital, or supplementary capital, include a number of important and legitimate constituents of a bank's capital base . These forms of banking capital were largely standardized in the Basel I accord, issued by the Basel Committee on Banking Supervision and left untouched by the Basel II accord...

 is loan-loss reserves plus subordinated debt
Subordinated debt
In finance, subordinated debt is debt which ranks after other debts should a company fall into receivership or bankruptcy....

. Total capital is the sum of Tier 1 and Tier 2 capital. Tier 1 capital must be at least 4% of total risk-weighted assets. Total capital must be at least 8% of total risk-weighted assets. When a bank creates a deposit to fund a loan, its assets and liabilities increase equally, with no increase in equity. That causes its capital ratio to drop. Thus the capital requirement limits the total amount of credit that a bank may issue. It is important to note that the capital requirement applies to assets while the bank reserve requirement applies to liabilities."

Goal: a financial safety net

The relatively narrow role the BIS plays today does not reflect its ambitions or historical role.

A "well-designed financial safety net, supported by strong prudential regulation and supervision, effective laws that are enforced, and sound accounting and disclosure regimes
Accounting reform
Accounting reform is an expansion of accounting rules that goes beyond the realm of financial measures for both individual economic entities and national economies...

," are among the Bank's goals. In fact they have been in its mandate since its founding in 1930 as a means to enforce the Treaty of Versailles
Treaty of Versailles
The Treaty of Versailles was one of the peace treaties at the end of World War I. It ended the state of war between Germany and the Allied Powers. It was signed on 28 June 1919, exactly five years after the assassination of Archduke Franz Ferdinand. The other Central Powers on the German side of...


The BIS has historically had less power to enforce this "safety net" than it deems necessary. Recent head Andrew Crockett has bemoaned its inability to "hardwire the credit culture," despite many specific attempts to address specific concerns such as the growth of Offshore Financial Centre
Offshore financial centre
An offshore financial centre , though not precisely defined, is usually a small, low-tax jurisdiction specializing in providing corporate and commercial services to non-resident offshore companies, and for the investment of offshore funds....

s (OFCs), Highly Leveraged Institutions (HLIs), Large and Complex Financial Institutions
Large and Complex Financial Institutions
Large and Complex Financial Institutions is a polite term for the bulge bracket banks. The context is that of systemic risk, a topic of particular concern to central banks, financial regulators and the Bank for International Settlements....

 (LCFIs), deposit insurance
Deposit insurance
Explicit deposit insurance is a measure implemented in many countries to protect bank depositors, in full or in part, from losses caused by a bank's inability to pay its debts when due...

 and especially the spread of money laundering
Money laundering
Money laundering is the process of disguising illegal sources of money so that it looks like it came from legal sources. The methods by which money may be laundered are varied and can range in sophistication. Many regulatory and governmental authorities quote estimates each year for the amount...

 and accounting scandals.


The BIS was formed in 1930. The main actors in its establishment were the then-Governor of The Bank of England, Montagu Norman
Montagu Norman
Montagu Collet Norman, 1st Baron Norman DSO PC was an English banker, best known for his role as the Governor of the Bank of England from 1920 to 1944...

, and his German counterpart Hjalmar Schacht
Hjalmar Schacht
Dr. Hjalmar Horace Greeley Schacht was a German economist, banker, liberal politician, and co-founder of the German Democratic Party. He served as the Currency Commissioner and President of the Reichsbank under the Weimar Republic...

, later Adolf Hitler's finance minister. The Bank was originally intended to facilitate reparation payments imposed on Germany by the Treaty of Versailles
Treaty of Versailles
The Treaty of Versailles was one of the peace treaties at the end of World War I. It ended the state of war between Germany and the Allied Powers. It was signed on 28 June 1919, exactly five years after the assassination of Archduke Franz Ferdinand. The other Central Powers on the German side of...

 after the First World War. The need for the bank was suggested in 1929 by the Young Committee
Young Plan
The Young Plan was a program for settlement of German reparations debts after World War I written in 1929 and formally adopted in 1930. It was presented by the committee headed by American Owen D. Young. After the Dawes Plan was put into operation , it became apparent that Germany could not meet...

, and was agreed to in August of that year at a conference at the Hague. A charter for the bank was drafted at the International Bankers Conference at Baden Baden in November. The charter was adopted at a second Hague Conference on January 20, 1930.

During the period 1933–45, the board of directors of the BIS included Walter Funk, a prominent Nazi official, and Emil Puhl
Emil Puhl
Dr. Emil Puhl was a Nazi economist and banking official during World War II. He was director and vice-president of Germany's Reichsbank during World War II and also served as a director for the Bank for International Settlements at Basel . He was instrumental in moving Nazi gold during the war...

, who were both convicted at the Nuremberg trials
Nuremberg Trials
The Nuremberg Trials were a series of military tribunals, held by the victorious Allied forces of World War II, most notable for the prosecution of prominent members of the political, military, and economic leadership of the defeated Nazi Germany....

 after World War II, as well as Herman Schmitz
Herman Schmitz
Herman Schmitz co-wrote the song Patrick mon chéri , along with Peter Koelewijn and Will Hoebee. This song was performed by the duo of which he was part, Kiki and Pearly. The song was covered by French singer Sheila, who had a French number-one hit with it in 1976.Herman started his music career as...

 the director of IG Farben
IG Farben
I.G. Farbenindustrie AG was a German chemical industry conglomerate. Its name is taken from Interessen-Gemeinschaft Farbenindustrie AG . The company was formed in 1925 from a number of major companies that had been working together closely since World War I...

 and Baron von Schroeder, the owner of the J.H.Stein Bank, the bank that held the deposits of the Gestapo. There were allegations that the BIS had helped the Germans loot assets from occupied countries during World War II.

As a result of these allegations, at the Bretton Woods Conference
United Nations Monetary and Financial Conference
The United Nations Monetary and Financial Conference, commonly known as the Bretton Woods conference, was a gathering of 730 delegates from all 44 Allied nations at the Mount Washington Hotel, situated in Bretton Woods, New Hampshire, to regulate the international monetary and financial order after...

 in July 1944, Norway proposed the "liquidation of the Bank for International Settlements at the earliest possible moment". This resulted in the BIS being the subject of a disagreement between the American and British delegations. The liquidation of the bank was supported by other European delegates, as well as the United States (including Harry Dexter White
Harry Dexter White
Harry Dexter White was an American economist, and senior U.S. Treasury department official, participating in the Bretton Woods conference...

, Secretary of the Treasury and Henry Morgenthau
Henry Morgenthau, Jr.
Henry Morgenthau, Jr. was the U.S. Secretary of the Treasury during the administration of Franklin D. Roosevelt. He played a major role in designing and financing the New Deal...

), but opposed by John Maynard Keynes
John Maynard Keynes
John Maynard Keynes, Baron Keynes of Tilton, CB FBA , was a British economist whose ideas have profoundly affected the theory and practice of modern macroeconomics, as well as the economic policies of governments...

, head of the British delegation. The disagreement led to Chase Bank representative Dean Atchison interrupting Keynes at one of the conference sessions. Fearing that the BIS would be dissolved by President Franklin Delano Roosevelt, Keynes went to Morgenthau hoping to prevent the dissolution, or have it postponed, but the next day the dissolution of the BIS was approved. However, the liquidation of the bank was never undertaken. The British delegation did not give up and the dissolution of the bank was still not accomplished when Roosevelt died. In April 1945, the new president Harry S. Truman
Harry S. Truman
Harry S. Truman was the 33rd President of the United States . As President Franklin D. Roosevelt's third vice president and the 34th Vice President of the United States , he succeeded to the presidency on April 12, 1945, when President Roosevelt died less than three months after beginning his...

 and the British suspended the dissolution and the decision to liquidate the BIS was officially reversed in 1948.

The BIS was originally owned by both governments and private individuals, since the United States
Economy of the United States
The economy of the United States is the world's largest national economy. Its nominal GDP was estimated to be nearly $14.5 trillion in 2010, approximately a quarter of nominal global GDP. The European Union has a larger collective economy, but is not a single nation...

 and France
Economy of France
France is the world's fifth largest economy by nominal figures and the ninth largest economy by PPP figures. It is the second largest economy in Europe in nominal figures and third largest economy in Europe in PPP figures...

 had decided to sell some of their shares to private investors. BIS shares traded on stock markets, which made the bank a unique organization: an international organization (in the technical sense of public international law
International law
Public international law concerns the structure and conduct of sovereign states; analogous entities, such as the Holy See; and intergovernmental organizations. To a lesser degree, international law also may affect multinational corporations and individuals, an impact increasingly evolving beyond...

), yet with private shareholders. Many central banks had similarly started as such private institutions; for example, the Bank of England
Bank of England
The Bank of England is the central bank of the United Kingdom and the model on which most modern central banks have been based. Established in 1694, it is the second oldest central bank in the world...

 was privately owned until 1946. In more recent years the BIS has forcibly bought back all shares held by private investors, and is now wholly owned by its member central banks.

Since 2004, the BIS has published its accounts in terms of Special Drawing Rights
Special Drawing Rights
Special Drawing Rights are supplementary foreign exchange reserve assets defined and maintained by the International Monetary Fund . Not a currency, SDRs instead represent a claim to currency held by IMF member countries for which they may be exchanged...

, or SDRs, replacing the Gold Franc
Gold franc
The gold franc was the unit of account for the Bank for International Settlements from 1930 until April 1, 2003. It was replaced with the Special Drawing Right...

 as the bank's unit of account
Unit of account
A unit of account is a standard monetary unit of measurement of value/cost of goods, services, or assets. It is one of three well-known functions of money. It lends meaning to profits, losses, liability, or assets....

. (end of month) the bank had total assets of $409.15 billion, given a dollar/SDR exchange rate of 1.51 for March 30, 2007. Included in that total is 150 tons of fine gold.

Role in banking supervision

The BIS provides the Basel Committee on Banking Supervision
Basel Committee on Banking Supervision
The Basel Committee on Banking Supervision is a committee of banking supervisory authorities that was established by the central bank governors of the Group of Ten countries in 1975. It provides a forum for regular cooperation on banking supervisory matters. Its objective is to enhance...

 with its twelve-member secretariat, and with it has played a central role in establishing the Basel Capital Accords of 1988 and 2004. There remain significant differences between US, EU and UN officials regarding the degree of capital adequacy and reserve controls that global banking now requires. Put extremely simply, the US as of 2006 favoured strong strict central controls in the spirit of the original 1988 accords, the EU was more inclined to a distributed system managed collectively with a committee able to approve some exceptions. The UN agencies especially ICLEI are firmly committed to fundamental risk measures: the so-called triple bottom line
Triple bottom line
The triple bottom line captures an expanded spectrum of values and criteria for measuring organizational success: economic, ecological, and social...

 and were becoming critical of central banking as an institutional structure for ignoring fundamental risks in favour of technical risk management
Risk management
Risk management is the identification, assessment, and prioritization of risks followed by coordinated and economical application of resources to minimize, monitor, and control the probability and/or impact of unfortunate events or to maximize the realization of opportunities...



58 member central banks or monetary authorities of these countries:
 Bosnia and Herzegovina
 Kingdom of Bulgaria
 Mainland China
 Independent State of Croatia
 Czech Republic
 Early Modern France
 Hong Kong
|col2 =  Hungary
 Republic of Ireland
 South Korea
 Republic of Macedonia
 New Zealand
|col3 =  Poland
 Kingdom of Romania
 Saudi Arabia
 South Africa
 United Kingdom
 United States
  European Central Bank
European Central Bank
The European Central Bank is the institution of the European Union that administers the monetary policy of the 17 EU Eurozone member states. It is thus one of the world's most important central banks. The bank was established by the Treaty of Amsterdam in 1998, and is headquartered in Frankfurt,...


General managers

Name Nationality Dates
Jaime Caruana
Jaime Caruana
Jaime Caruana is the General Manager of the Bank for International Settlements. His five-year term began on April 1, 2009. He was also the Governor of the Bank of Spain from July 2000 to July 2006....

 Spain April 2009 – present
Malcolm D. Knight
Malcolm Knight
Malcolm D. Knight is a Canadian economist, currently serving as vice-chairman of Deutsche Bank.-Career:Malcolm Knight received an Honour BA in political science and economics from the University of Toronto and MSc and Ph.D degrees from the London School of EconomicsFrom 1971 to 75, Malcolm Knight...

 Canada April 2003 – September 2008
Sir Andrew Crockett  United Kingdom January 1994 – March 2003
Alexandre Lamfalussy
Alexandre Lamfalussy
Baron Alexandre Lamfalussy , is a European economist and central banker.Born in Hungary, Lamfalussy studied at the Catholic University of Leuven and Nuffield College, Oxford, where he received his doctorate in economics...

 Belgium May 1985 – December 1993
Gunther Schleiminger  Germany 1981 – May 1985
René Larre  Early Modern France 1971–1981
Gabriel Ferras  Early Modern France 1963–1971
Guillaume Guindey  Early Modern France 1958–1963
Roger Auboin  Early Modern France 1938–1958
Pierre Quesnay  Early Modern France 1930–1938

Board of directors

  • Christian Noyer
    Christian Noyer
    Christian Noyer is a French higher civil servant, current governor of the Bank of France , and former vice-president of the Executive Board of the European Central Bank . In March 2010 Noyer became Chairman of the Bank for International Settlements.-References: *...

    , Paris (Chairman of the Board of Directors)
  • Hans Tietmeyer
    Hans Tietmeyer
    Hans Tietmeyer is a German economist and regarded as one of the foremost experts on international financial matters. He was president of Deutsche Bundesbank from 1993 until 1999 and remains one of the most important figures in finance of the European Union....

    , Frankfurt am Main (Vice-Chairman)

  • Ben Bernanke
    Ben Bernanke
    Ben Shalom Bernanke is an American economist, and the current Chairman of the Federal Reserve, the central bank of the United States. During his tenure as Chairman, Bernanke has overseen the response of the Federal Reserve to late-2000s financial crisis....

    , Washington, DC;
  • Mark Carney
    Mark Carney
    Mark J. Carney is the eighth and current governor of the Bank of Canada and the Chairman of the Financial Stability Board, an institution of the G20 based in Basel, Switzerland. These appointments were on October 4, 2007 , and on November 4, 2011...

    , Ottawa;
  • Mario Draghi
    Mario Draghi
    Mario Draghi is an Italian banker and economist who succeeded Jean-Claude Trichet as President of the European Central Bank on 1 November 2011...

    , Rome;
  • William Dudley, New York;
  • Stefan Ingves, Stockholm;
  • Mervyn King
    Mervyn King (economist)
    An ex-officio member of the Bank's interest-rate setting Monetary Policy Committee since its inception in 1997, Sir Mervyn is the only person to have taken part in every one of its monthly meetings to date. His voting style is often seen as "hawkish", a perspective that emphasises the dangers of...

    , London;
  • Jean-Pierre Landau, Paris;
  • Guillermo Ortiz Martínez, Mexico City
  • Guy Quaden
    Guy Quaden
    Guy, Baron Quaden is a Belgian economist and since 1 March 1999 Governor of the National Bank of Belgium. He is a member of the Council of governing board and of the general Council of the European Central Bank...

    , Brussels;
  • Jean-Pierre Roth
    Jean-Pierre Roth
    Jean-Pierre Roth is a Swiss banker who served as chairman of the Swiss National Bank from 1 March 2006 until 31 December 2009.He joined the Swiss National Bank in 1979, working in Zürich and Bern. He became vice-chairman of the governing board in 1996...

    , Zürich;
  • Masaaki Shirakawa
    Masaaki Shirakawa
    is a Japanese economist, central banker and the 30th Governor of the Bank of Japan . He is also a Director and Vice-Chairman of the Bank for International Settlements .-Early life:...

    , Tokyo;
  • Jean-Claude Trichet
    Jean-Claude Trichet
    Jean-Claude Trichet is a French civil servant who was the president of the European Central Bank, a position he held from 2003 to 2011. He is also a member of the Board of Directors of the Bank for International Settlements...

    , Frankfurt am Main;
  • Paul Tucker
    Paul Tucker (banker)
    Paul Tucker is the Bank of England's executive director and has served on the Bank's Monetary Policy Committee from June 2002 and both the interim and permanent Financial Policy Committee...

    , London;
  • Alfons Vicomte Verplaetse
    Alfons Verplaetse
    Alfons "Fons", Viscount Verplaetse is a Belgian economist and former Governor of the National Bank of Belgium from 1989 until 1999. He was one of the architects of the devaluation of Belgian Frank in 1982 when he worked at the cabinet of Wilfried Martens in the government Martens V...

    , Brussels;
  • Axel A. Weber
    Axel A. Weber
    Axel Alfred Weber is a German economist, professor and banker. He teaches at the University of Chicago Booth School of Business and is a board member and prospective chairman of UBS...

    , Frankfurt am Main;
  • Nout Wellink
    Nout Wellink
    Arnout Henricus Elisabeth Maria "Nout" Wellink is a Dutch economist and central banker.In 2010, Financial News determined that Wellink as the one man who is believed to have wielded the greatest influence on worldwide financial oversight including "game-changing proposals on capital requirements...

    , Amsterdam;
  • Zhou Xiaochuan
    Zhou Xiaochuan
    Zhou Xiaochuan is a Chinese economist, banker, reformist and bureaucrat. As governor of the People's Bank of China since December 2002, he has been in charge of the monetary policy of the People's Republic of China....

    , Beijing

See also

  • Bank regulation
    Bank regulation
    Bank regulations are a form of government regulation which subject banks to certain requirements, restrictions and guidelines. This regulatory structure creates transparency between banking institutions and the individuals and corporations with whom they conduct business, among other things...

  • Basel III
    Basel III
    BASEL III is a new global regulatory standard on bank capital adequacy and liquidity agreed upon by the members of the Basel Committee on Banking Supervision. The third of the Basel Accords was developed in a response to the deficiencies in financial regulation revealed by the global financial...

  • Continuous linked settlement
    Continuous linked settlement
    Continuous Linked Settlement is a process by which a number of the world's largest banks manage settlement of foreign exchange amongst themselves . The process is managed by CLS Group Holdings AG and its subsidiary companies and include CLS Bank, a settlement bank regulated by the Federal Reserve...

  • Global financial system
    Global financial system
    The global financial system is the financial system consisting of institutions and regulators that act on the international level, as opposed to those that act on a national or regional level...

External links

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