Central Bank Sets Up New Departments to Back Financial Supervision Role
China’s central bank has set up two new departments to improve oversight of financial stability and systemic risks, a government statement on Saturday revealed, in support of the People’s Bank of China’s (PBOC) expanded role.
The two new departments are a secretariat office to assist in the daily routines of the State Council Financial Stability and Development Commission (FSDC), country’s top financial watchdog, and a macro-prudential management bureau, which will be responsible for drafting regulations for financial institutions that have systematic importance, evaluating policies on foreign exchange rates, and offering advice on currency issues such as yuan convertibility, according to a statement (link in Chinese) published by the State Commission Office of Public Sector Reform (SCOPSR).
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