Super financial regulator established; People’s Bank of China governor points fingers on local governments for instability
November 6, 2018
China established a new super financial regulator, placing it directly under the State Council and over the existing four financial regulators. Even in the naming, the Financial Stability and Development Committee demonstrated the government’s focus on stability over relentless development. Meanwhile, China’s central bank governor placed blame for China’s debt problem on local government reliance on easy credit. On the markets side, China Literature, Tencent’s publishing and content provider company, went public in Hong Kong in the city’s hottest tech initial public offer to date.
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