PBoC sets up department to lead China's financial oversight

Central bank to devise ways to promote international use of yuan

PBoC
PBoC: new department charged with both overseeing the financial sector and promoting global role of yuan

The People’s Bank of China has gained a macroprudential policy department, as the Chinese Communist Party signals the central bank’s “leading” role in financial stability.

A document published on February 2 by the State Commission Office of Public Sector Reform says the PBoC will establish a new department to lead the creation of a macroprudential policy framework. The department will maintain supervisory mechanisms for overseeing systemically important financial institutions.

The new unit,

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