Chinese banks not affected by Dubai crisis

The Dubai debt crisis has shown the world that globalization can hurt as much as it can benefit economies, and Dubai has now added its share to the global financial crisis. However, China's banking regulator says Chinese banks have not been seriously affected.

Liao Min, spokesman of China Bank Regulatory Commission, said, "Through our investigation, Chinese banks' involvement in the Dubai debt crisis is not big at all. The cost of risks will not exert any significant effect on related banks' asset quality and profitability."

So far, only the China Construction Bank has announced involvement in the Dubai debt crisis, but the amount is not big. The China banking regulator says it will continue to observe closely the development of the Dubai crisis and similar risks around the world. It also urged commercial banks to monitor risks in overseas investment.