Chinese central bank to oversee systemic risk
Chinese leaders increasingly see financial instability at the greatest threat to their economy and nation.
President Xi Jinping said the PBOC will take a larger role in overseeing financial risks and creating more cohesive regulation.
"We will strengthen the PBOC's role in macro-prudential management and in averting systemic risk," Xi said.
China has three main regulators who are at times at odds and overlapping. They are in the process of a review that takes place every five years.
