China appoints su­per reg­u­la­tor

Banking Frontiers - - News | Regulator -

The Chi­nese govern­ment has ap­pointed Guo Shuqing as the Com­mu­nist Party Sec­re­tary at the Peo­ple’s Bank of China, a po­si­tion above the gov­er­nor. China had re­cently ap­pointed Yi Gang as the gov­er­nor and Guo, who is al­ready the coun­try’s top bank­ing and insurance reg­u­la­tor, has been se­lected as the new party sec­re­tary. Guo is ex­pected to have broader re­spon­si­bil­i­ties over the coun­try’s fi­nan­cial sys­tem. He has been head­ing the China Bank­ing Reg­u­la­tory Com­mis­sion for the past year and the re­spon­si­bil­ity of insurance reg­u­la­tion has also been brought un­der the purview of the com­mis­sion re­cently. The gov­er­nor is re­spon­si­ble for run­ning the cen­tral bank, but the party sec­re­tary has the fi­nal say on the strate­gic di­rec­tion. Mean­while, China has merged its reg­u­la­tory com­mis­sions of bank­ing and insurance into a new en­tity called the China Bank­ing and Insurance Reg­u­la­tory Com­mis­sion.

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