China’s cabinet to have greater financial supervision role

Poor coordination among China’s banking, securities and insurance supervisors has prompted the authorities to consider unifying financial sector supervision under a single watchdog, while the central banks is trying to increase its role in macroprudential supervision, Reuters reports.

“After last summer’s stock market crash was blamed in part on poor coordination between financial regulators, sources said China was considering merging its banking, insurance and securities watchdogs into a single ‘super-commission’.

This month’s renewed stock market turmoil has made it more urgent to unify China’s regulatory system to restore confidence in markets and ward off financial risks.”

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