Global EditionASIA 中文双语Français
Business
Home / Business / Macro

PBOC establishes bureau to strengthen financial regulation

Xinhua | Updated: 2019-02-03 18:51
Share
Share - WeChat
Headquarters of the People's Bank of China, the central bank, is pictured in Beijing, Oct 8, 2018. [Photo/IC]

BEIJING -- China's central bank has set up an institution to improve financial regulation and risk prevention, the office of public sectors reform commission said in a statement Saturday.

The People's Bank of China (PBOC) has established a macro-prudential management bureau to replace the previous foreign exchange department, according to the statement.

The bureau will be responsible to formulate macro-prudential policies, assess financial agencies, draft rules and regulations, and monitor financial risks.

It will also shoulder foreign exchange department duties, such as assessing foreign exchange policies and promoting the yuan's cross-border transactions.

Establishing the bureau is a crucial measure in the country's strategy of building a two-pillar framework consisting of monetary policy and macro-prudential assessment, said Yin Zhentao, a researcher with the Chinese Academy of Social Sciences.

The bureau will further consolidate the PBOC's role in financial regulation, Yin said.

The statement also mentioned the PBOC would adjust the duties of its departments and personnel to enhance efficiency and service quality.

Established in 1948, the PBOC is China's central bank and plays a significant role in China's macroeconomic management.

Major functions of the central bank include drafting laws and regulations, formulating and implementing monetary policy, issuing currency, regulating financial markets and safeguarding financial stability.

Top
BACK TO THE TOP
English
Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
License for publishing multimedia online 0108263

Registration Number: 130349
FOLLOW US
CLOSE