Caixin
Feb 04, 2019 08:15 PM
FINANCE

China Empowers Central Bank to Coordinate, Regulate Financial Watchdogs

The People's Bank of China in Beijing on Jan. 28, 2018. Photo: VCG
The People's Bank of China in Beijing on Jan. 28, 2018. Photo: VCG

China has given its central bank more power to regulate the financial system — and the financial regulators — in a bid to better contain systemic risks, a new official document shows.

The shake-up comes after government attempts to patch up a fragmented regulatory system that has allowed financial firms to carry out shady, high-risk practices. Such regulatory shortcomings have enabled corruption such as that which brought down Xiang Junbo, the former insurance watchdog head.

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