Following an annual review, the self-regulatory mechanism for market rate pricing has decided to select 15 highly-rated financial institutions, such as Industrial and Commercial Bank of China, as core members.

It also decided to add 1,574 financial institutions such as Huaxia Bank as basic members, and a further 478 financial institutions as observer members, the National Interbank Funding Center said in a statement on its website.

(Reporting by Samuel Shen and Andrew Galbraith; Editing by Gareth Jones)