PBoC sets up department to lead China's financial oversight
Central bank to devise ways to promote international use of yuan
The People’s Bank of China has gained a macroprudential policy department, as the Chinese Communist Party signals the central bank’s “leading” role in financial stability.
A document published on February 2 by the State Commission Office of Public Sector Reform says the PBoC will establish a new department to lead the creation of a macroprudential policy framework. The department will maintain supervisory mechanisms for overseeing systemically important financial institutions.
The new unit
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