GUERNSEY has moved closer to signing a memorandum of understanding with the Chinese banking regulator CBRC.

The development follows a visit to China earlier this month by representatives of Guernsey Finance during which they met people from several Chinese banks, the China Banking Regulatory Commission, the Shanghai Stock Exchange, the China Trustee Association and the Shanghai Bar Association.

Guernsey Finance chief executive Peter Niven (pictured) said the meeting with the CBRC was another step on the road to an MoU with the Guernsey Financial Services Commission, as it is now expected that vice-chairman Wang Zhaoxing will visit Guernsey later this year to sign the agreement.

‘We have now met CBRC on several occasions and we had yet further encouraging discussions towards signing an MoU. In fact, we were told that vice-chairman Wang specifically wants to visit Guernsey to complete the signing of the agreement and we are hopeful that he can find the time so that this can be completed by the end of the year.

• Read the full story in the Guernsey Press. Click here for subscription details. Individual editions are now available online.