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China To Create National Financial Supervisory Authority - Caixin

CHINA PRESS

China will create a new national financial supervisory authority to replace the China Banking and Insurance Regulatory Commission in an overhaul of its financial regulators to enhance supervision and strengthen risk management, according to Caixin. The new regulator will report directly to the State Council and will be responsible for ensuring investor protection, and will assume supervision of large companies from the People’s Bank of China. The new authority will not be responsible for the management of the capital markets, which stays with the China Securities Regulatory Commission (CSRC). However, the CSRC will now also report directly to the State Council, according to Caixin.

MNI Beijing Bureau | lewis.porylo@marketnews.com
MNI Beijing Bureau | lewis.porylo@marketnews.com

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