14th March 2018

China to merge insurance and banking regulators handing more responsibility to People's Bank of China

China is giving its central bank the power to write the rules for the financial sector, as part of a sweeping overhaul aimed at closing regulatory loopholes and curbing risk in the $43tr banking and insurance industries.
The China Banking Regulatory Commission(CBRC) and the China Insurance Regulatory Commission(CRIC) will be merged in the biggest industry overhaul since 2003. Some of their functions, including drafting key regulations and prudential oversight, will move to the People’s Bank of China, according to a proposal unveiled yesterday during the National People’s Congress, reports Bloomberg.

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