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Central Bank Gets More Power in Government Shake-Up

The People's Bank of China headquarters is seen in Beijing. Photo: VCG
The People's Bank of China headquarters is seen in Beijing. Photo: VCG

*China Banking Regulatory Commission, China Insurance Regulatory Commission to merge

*Xu Zhong, director-general of the PBOC’s research bureau, explained the new regulatory system in an analysis published on Caixin’s Chinese-language website

(Beijing) — The People’s Bank of China (PBOC), the central bank, is set to gain new powers as part of a series of proposals published by the government on Tuesday to merge the country’s banking and insurance watchdogs.

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