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China to improve monetary policy controls, build risk warning system: Central bank

China to improve monetary policy controls, build risk warning system: Central bank

People walk in Lujiazui financial district during sunset in Pudong, Shanghai, China, Jul 13, 2021. (File photo: REUTERS/Aly Song)

SHANGHAI: China will continue to improve monetary policy controls and its prudent macroeconomic policy framework, and construct an early-warning system to monitor and evaluate financial risks, a senior central bank official said on Saturday (Sep 4).

People's Bank of China Vice Governor Chen Yulu told a Beijing forum that China would continue to maintain "the bottom line of avoiding systemic risks" and would work to incorporate all financial institutions in its supervision framework.

China will continue to open up its financial markets to foreign institutions, he said in the broadcast speech, describing the process as "almost complete". Chen said restrictions on foreign ownership in banking, securities, fund management and insurance had been completely removed.

Foreign investors increased their holdings of domestic yuan assets, including stocks, bonds, deposits and loans, to 1.27 trillion yuan (US$197 billion) in the first half of 2021, he said.

Source: Reuters/dv

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