China Ctrl Bank clarifies policy role, responsibilities

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Last updated at: (Beijing Time) Wednesday, October 01, 2003

China Ctrl Bank clarifies policy role, responsibilities

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China's central bank has clarified its primary role as the country's monetary policy authority in the first explicit redefinition of its duties since its financial sector regulator function was transferred to the new China Banking Regulatory Commission earlier this year.

The monetary policy role and a detailed description of its responsibilities are spelled out in a fourteen point statement posted Tuesday on the PBOC's Web site.

The People's Bank of China specified its role in determining interest rate policy, maintaining the yuan or renminbi exchange rate at a reasonable level and formulating and enforcing monetary policy.

The PBOC will also manage the operations of the State Administration of Foreign Exchange.

The statement said the PBOC will push for development and coordination of industries including banking, securities and insurance. The central bank will also closely monitor internal links between China's money, real estate, capital and insurance markets as well as related risk-control measures, the statement said, without elaborating.

The refocus of the central bank's responsibilities will add the functions of combating money laundering and management of the country's social credit system, the statement said, without providing additional details.

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