Coordination urged to ease market volatility

China needs better coordination and communication among its various regulatory agencies to ensure financial stability, a former chief banking regulator said on Friday.

The comment underscored the need for an overhaul of the country's financial regulatory system in the wake of the stock market rout since the summer.

Liu Mingkang, former chairman of the China Banking Regulatory Commission, said that multiple issues need to be addressed before reforming the existing financial regulatory agencies.