China, others join int'l bank oversight group

Seven major economies including China, Russia and India have joined a key international banking oversight group, said a statement Friday.

Australia, Brazil, Korea and Mexico have also joined the Basel Committee on Banking Supervision, which sets broad guidelines for bank oversight that its members are expected to adopt.

"This expansion in membership will enhance the committee's ability to carry out its core mission, which is to strengthen regulatory practices and standards worldwide," said its chairman, Nout Wellink, president of the Netherlands Bank.

The group, whose existing members include the U.S., Germany, Japan, Britain and other G-10 countries, said earlier this week it would not recommend raising the minimum amount of assets banks need to hold onto as this might further stanch the flow of lending.