China May Not Follow U.K. Model for Financial Regulation, Central Bank Chief Says

The central bank will take the lead in coordinating the work of financial regulators, People’s Bank of China (PBOC) Governor Zhou Xiaochuan said Friday, while downplaying speculation that the country will adopt a regulatory system similar to the U.K.’s “twin peaks” model.

The PBOC will “play an even more important role” in China’s new financial regulatory framework as the National Financial Work Conference decided in July to set up the office of the new cabinet-level Financial Stability and Development Committee (FSDC), dubbed the “super financial regulator,” at the central bank, Zhou said at a briefing.