Quick Take: National Audit Office to Set Up Specialist Finance Units

China’s National Audit Office (NAO) will set up three new units to strengthen its supervision of financial regulators and major state-owned financial institutions, Caixin has learned, in a move that follows the ongoing national anti-graft campaign’s foray into the financial sector.

The three new units will report directly to the NAO, and they will look into the balance sheets of the central bank, the foreign exchange regulator, the banking and insurance regulator, the securities regulator, the three largest policy banks, the four biggest asset management companies and several state-owned financial holding companies, people familiar with the matter said.