March 13, 2018 / 8:05 AM / a year ago

Broader rule-making powers for China's cbank will boost supervision-PBOC official

BEIJING, March 13 (Reuters) - The transfer of rule making functions of China’s banking and insurance regulators to the central bank will help make supervision more effective, a top researcher for the People’s Bank of China said on Tuesday.

The central bank should strengthen its function of macro prudential management and should oversee strategically important financial institutions and financial holding companies, Xu Zhong, head of the PBOC’s research department, said in an article published by financial magazine Caixin.

Xu’s comments came after China’s cabinet released a proposal on Tuesday to merge the country’s banking and insurance regulators and transfer some of their roles to the central bank, in a long-awaited move to streamline and tighten oversight of the financial system in the world’s second-biggest economy. (Reporting by Beijing Monitoring Desk; Editing by Kim Coghill)

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