New Law Justifies Banking Watchdog In China.
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BEIJING, Dec 29 Asia Pulse - A draft law on banking supervision was passed by China’s top legislature on December 27, 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 on December 27. Under the new law, the CBRC is authorized to oversee all banks and financial institutions in China, investigate illegal banking… |