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The People’s Bank of China will also oversee financial platform companies to rectify their practices in accordance with regulations, she said in a statement on Saturday. Policy makers met on Friday to discuss work priorities for the second half of the year.
China has launched its most intense crackdown on cryptocurrency trading and exploitation since 2017 in recent months, after a rise in Bitcoin and other tokens heightened authorities’ concerns about the risks of fraud, money laundering and excessive energy consumption. It has also imposed a series of regulatory measures targeting monopoly behavior on online payment platforms such as Ant Group Co. over the past year.
The central bank will act to prevent major financial risks and work to reduce the number of high-risk financial institutions in key provinces, the statement said. It will also speed up its work to create a financial stability law, which was proposed by Deputy Governor Liu Guiping in March.
The PBOC reiterated that its prudent monetary policy will be flexible, targeted, reasonable and appropriate. He pledged to implement good “cross-cyclical” policy design, a term widely interpreted to mean that authorities will use a longer time frame when considering political support and avoid over-stimulating the economy.
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