Economics
China's PBOC Sets Up Bureau to Improve Financial Oversight
- New department to monitor and handle financial systemic risks
- New structure fits transforming policy framework: economist
The People's Bank of China headquarters in Beijing.
Photographer: Giulia Marchi/BloombergThis article is for subscribers only.
The People’s Bank of China has set up a department to oversee and eliminate financial risks, as part of its restructuring of departments and personnel.
The PBOC established the macro-prudential management bureau to draft rules, monitor and handle financial systemic risks, and to advise on currency issues including yuan convertibility, according to a statement published by the State Commission Office of Public Sectors Reform. The new agency will take over some of the duties of the Monetary Policy II Department, which has been disbanded.