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Regulators
Since March 2003, the regulatory and supervisory responsibilities of the People’s Bank of China have been delegated to 3 regulatory bodies:
China Banking Regulatory Commission
Established in April 2003
The CBRC formulates & enforces regulations for the banking sector. The CBRC is perhaps the most progressive of the regulators in China. Liu Mingkang was formally chair of the BoC in London, enjoyed his trips to Jersey, and visited the UK twice in 2007. The CBRC signed an exchange of letters with the FSA in 2007.
China Securities Regulatory Commission
Established in October 1992
The CSRC manages securities and futures exchanges and supervises the issuance of stocks, convertible & corporate bonds, mutual funds and supervises brokerages. The CSRC is also the leading the development of the derivatives market and is a relatively open regulator, but is perhaps short of key skilled staff at policy decision-maker level.
China Insurance Regulatory Commission
Established on 18 November 1998
The CIRC formulates policy & enforces supervision and regulation of the Chinese insurance market. It was upgraded to a semi-ministerial office under the State Council in 2003. The CIRC is perhaps the most conservative of the three main regulators. Chairman Li Kemu visited the UK in November 2007.
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