Local Financial Regulatory Bodies Announce Names Changes in Sweeping Overhaul

What’s new: The 342 local branches of China’s top financial regulatory body held inauguration ceremonies on Thursday to reveal their new names, as part of a sweeping overhaul of the country’s financial oversight system.

The local units of the now-defunct China Banking and Insurance Regulatory Commission (CBIRC) are renamed as subsidiaries of the newly formed National Financial Regulatory Administration (NFRA). The new administration was set up in May by absorbing the CBIRC and parts of the functions of the People's Bank of China and the China Securities Regulatory Commission.