- Chinese authorities announced Tuesday that they would set up a group to coordinate financial regulation
- The new agency is to, amongst other things, “coordinate monetary policy and financial regulatory policies, help regulate financial products where jurisdiction overlaps, and coordinate information-sharing and statistics”
- The entity will be led by the central bank
- It will include representatives from banking, stock market and insurance regulators, and the State Administration of Foreign Exchange.
- Xinhua reports it as an “interdepartmental joint conference system for financial regulation,”
- The group will “not alter the current system of financial regulation, and will not replace or weaken the current division of responsibilities of the relevant agencies,” the government announcement said.
The New York Times says the putting together of the new group is “an apparent attempt to reduce risk and wean the economy off easy credit and steer it toward a slower, more sustainable expansion. ”
I suppose thats a good thing.
