January 14, 2020 / 11:53 AM / 3 days ago

China's financial stability body to strengthen regional coordination

BEIJING (Reuters) - China’s financial stability body is implementing new measures to strengthen its coordination with regional officials, the central bank said on Tuesday, part of a wider push among Chinese policymakers to curb risk in the banking sector.

The office of the cabinet’s Financial Stability and Development Committee will establish a regional coordination mechanism to help shore up risk controls, the People’s Bank of China said in a statement.

“We will strengthen cooperation between the central and local governments in financial supervision, risk management, information sharing and consumer protection,” the PBOC said, without giving further details.

Under the new mechanism, senior officials at provincial central branches, local banking and securities regulators will be responsible for coordinating with the office of the financial stability body, the bank said.

The committee is headed by Vice Premier Liu He. Its office is located at the central bank.

Reporting by Lusha Zhang and Kevin Yao; Editing by Andrew Heavens and Jan Harvey

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