March 27, 2014 / 10:26 AM / 3 years ago

China says to improve monitoring of shadow banking

1 Min Read

BEIJING, March 27 (Reuters) - China's central bank pledged on Thursday to improve its monitoring of the shadow banking sector, as part of an effort to make its data on bank credit and interest rates more accurate.

The central bank will improve its data to better reflect the rise of off-balance sheet financing, such as trusts, money market funds and other innovative products, vice central bank head Pan Gongsheng said in remarks published on the bank's website.

He did not elaborate.

The government has been trying to rein in the shadow banking sector, which has grown rapidly in China since 2010, when banks began running up against limits on expanding loans through traditional channels.

The People's Bank of China will also improve its statistical methods for data on bank deposits, lending rates and bond markets and improve its money supply data, Pan said without giving further details. (Reporting by Kevin Yao; Editing by Jonathan Standing & Kim Coghill)

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