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People’s Bank of China handed increased powers as financial shake-up points to Liu He’s influence
- Gordon Watts
- Asia times
President Xi Jinping has opened the door for confidante Liu He to push through economic reforms after China’s central bank was handed more power in a major shake-up in the financial sector.
Details released during Tuesday’s session of the de facto parliament, the National People’s Congress, outlined plans for merging the banking and insurance regulators.
At the same time, the People’s Bank of China, or central bank, will be entrusted with writing the rules for the financial industry.
A raft of…
