China's central bank makes big step to creating a 'super regulator'
The People's Bank of China is expanding its role to become a "super regulator" to oversee the country's banking, securities and insurance markets. If the joint regulation with the China Securities Regulatory Commission is approved by the State Council, the new super financial watchdog will streamline the approval process for the country's 50 trillion yuan ($7.5tr) bond market, as well as instil discipline, investigate market irregularities, curb securities fraud and target and punish those who breach ethics.

The People’s Bank of China will extend its mandate beyond monetary policy, in a significant first step toward the creation of a ‘super regulator’ with oversight of the country’s banking, securities and insurance. Photo: Bloomberg