off-the-wire

China to set up national financial regulatory administration

Kitco Media
By Reuters
Published:
Updated:
Reuters
BEIJING, March 7 (Reuters) - China will set up a national financial regulatory administration, according to a plan submitted on Tuesday to the national legislature for deliberation.


Directly under the State Council, or cabinet, the proposed administration will be in charge of regulating the financial industry except the securities sector, according to the plan.


It will be established on the basis of the China Banking and Insurance Regulatory Commission (CBIRC), which will not be retained, the plan said, noting that certain functions of the People's Bank of China (PBOC) and the China Securities Regulatory Commission (CSRC) will be transferred to the new administration.


(Reporting by Ryan Woo; Editing by Andrew Heavens)

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