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Central Bank Issues Guidance on Financial Supervision
The People's Bank of China (PBOC), the central bank, issued a guidance notice on the standardization of supervision over the financial market in China.
The guidance, drawn from former experiences of the central bank's supervision efforts and a reference from international practice, includes four parts: the review and conclusion of the PBOC's supervision experience, fundamental procedures and key issues of financial supervision, focus and methods of different financial institutions, and the supportive vehicle for the implementation of the guidance.
A PBOC spokesman said that guidance is only a general introduction, while the supervision task itself is a long and systematic process. Other concrete measures should also be taken to facilitate the implementation, such as the establishment of financial supervision information networks and risk evaluation systems, and the improvement of laws and regulations.
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