(China) – China’s new banking regulator, the China Banking Regulatory Commission (CBRC), is set to become reality when it receives final legislative approval later this month.The CBRC has been carved out of the People’s Bank of China (PBoC), which will still operate as the central bank and control monetary policy.
The CBRC is a sister organisation to similar bodies which have been created to oversee the securities and insurance industries in recent years.
Unlike the PBoC, the new CBRC will not be publicly funded, but will raise its budget through fees levied on banks.
It will have a staff of around 30,000, most of them working at local levels.