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CHINA PRESS
CHINA PRESS: China must effectively strengthen and improve financial supervision
and contain risks in the banking sector, the official People's Daily said in a
commentary on Thursday.
- To have effective financial supervision, regulators must have clear identities
and be unattached to the industry that it oversees: daily
- New draft rules on asset management jointly formulated by so-called "one bank,
three commissions" must be implemented despite industry opposition, People's
Daily added.
- Regulators must not become the "nanny" of the industry: People's Daily.
***TAKEAWAY: China's central authorities is drumming up tighter controls over
the financial sector and promoting the newly formed structure given elevated
status to PBOC, along with three regulators in securities, banking and
insurance.
MNI London Bureau | +44 203-586-3805 | nick.shamim@marketnews.com