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The China Banking Regulatory Commission (CBRC) signed a memorandum of understanding (MOU) with the Financial Supervisory Authority of the Republic of Iceland during chairman Liu Mingkang's recent visit to the tiny North Atlantic nation.

The two parties will promote supervisory cooperation on such fields as information sharing, market entry regulation and on-site inspection. In line with the Basel Committee's guidelines, the CBRC has signed MOUs with 26 countries and regions to strengthen cross-border banking supervision.