New Chinese regulator to supersede the CBIRC

The National Financial Regulatory Administration (NFRA) will report directly to the State Council.

The consequences of the change, which was submitted as a plan to the country’s national legislature on March 7, will be the consolidation of regulatory power previously vested in the People’s Bank of China (PBOC) and the China Securities Regulatory Commission (CSRC).

The CSRC, now designated an agency, will now

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