China’s legislature passes law justifying banking watchdog.
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Beijing, 27 December: A draft law on banking supervision was passed by China’s top legislature Saturday [27 December], clearing the legal status of the newly-found bank watchdog, the China Banking Regulatory Commission (CBRC). The draft amendments to the Law on the People’s Bank of China and the Law on Commercial Banks were also passed at the sixth session of the National People’s Congress (NPC) Standing Committee, which ended Saturday. Under the new law, the CBRC is authorized to oversee all banks and financial institutions in China, investigate illegal banking operations,… |