China's central bank, the People's Bank of China (PBOC), will focus solely on drafting and enforcing monetary policies while its original functions of supervising and administering the banking industry will be taken over by the newly-established China Banking Industry Supervision and Administration Commission. From February 2, banking institutions, including commercial banks, urban and rural credit cooperatives and policy banks will be subject to supervision from the Commission and its local branches. The same applies to non-banking financial institutions, which include financial assets management companies, trust and investment companies, financial companies, and financial lease companies
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