The Governor of the People’s Bank of China Zhou Xiaochuan has downplayed suggestions that China will adopt a U.K.-style “twin peaks” model of financial regulation, Caixin Global reports, adding that the central bank will “play an even more important role” in China’s new regulatory system.
Zhou said yesterday during a briefing at the National People’s Congress in Beijing, that a model similar to the “twin peaks” in the U.K., whereby financial oversight is split between business regulation and consumer protection, is unlikely to happen soon.
“Our institutional reform will still be mainly based on China’s circumstances”, Zhou said. “We feel more time is needed for observation, and we are not necessarily adopting the twin-peaks regime”.