China’s banking regulatory commission is drafting new rules covering the country’s three policy banks in a bid to tighten oversight of the giant institutions and ensure a level playing field for commercial lenders, Caixin reports. As part of stepped-up regulation of the banking sector, the China Banking Regulatory Commission released draft guidelines late Monday for the Export-Import Bank of China (Exim Bank) and the Agricultural Development Bank of China (ADB). The commission will collect public comments on the two draft rules till Sept. 27. It is the first time for China to draft specific rules regarding the governance, management, risk control and business operations of its policy lenders. A source close to the CBRC said separate draft of guidelines for the China Development Bank (CDB) will be issued soon. As the policy banks’ businesses have expanded over the years, the institutions have become the subject of complaints that they are increasingly competing with commercial banks while enjoying greater policy support.