Central bank clarifies policy role, responsibilities
( 2003-09-30 14:15) (Agencies)
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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