China's central bank implements ambitious reform plan

The People's Bank of China has released its latest reform plan that focuses on its functions, internal organization and staff, reported The Paper.

A new macro-prudential management department has been set up to replace the original monetary policy department. The new department will inherit the functions of the former, focused on the yuan exchange rate and its internationalization.

It adds the responsibility of formulating a macro-prudential policy framework and a basic system to oversee systemically important financial institutions and control groups.

The PBOC has also set up a financial consumer rights protection office and a central bank advisory office, bringing the number of internal organizations to 19 instead of 21.

In the meantime, the office of the Financial Stability and Development Committee of the State Council will now be located at the central bank. PBOC organizations will undertake the relevant work of the office and will also accept its leadership.

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