China forms a national financial regulatory authority
Monday, 22 May 2023
The National Administration of Financial Regulation (NAFR) was officially established as China's new financial regulator on Thursday, marking an important step forward in the country's institutional reform of financial supervision. The NAFR, which reports directly to the State Council, is based on the China Banking and Insurance Regulatory Commission.
With the exception of the securities sector, the new administration is in charge of regulating the financial industry. Certain functions of the People's Bank of China and the China Securities Regulatory Commission will be transferred to it.
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