IN BRIEF (Page 2)

Beijing

Institute established to prevent financial risk

China's central bank has set up an institute to improve financial regulation and risk prevention, the office of public sectors reform commission said in a statement on Saturday. The People's Bank of China has established a macro-prudential management bureau to replace the previous foreign exchange department, according to the statement. The bureau will be responsible for formulating macro-prudential policies, assess financial agencies, draft rules and regulations, and monitor financial risks.