New banking regulator to be set up

China is to set up a China Banking Regulatory Commission, South China Morning Post said. The responsibilities of the new body have not yet been officially announced, but it is expected to take over the function of monitoring banks from the People's Bank of China, leaving the central bank to focus on broader macro-economic issues such as interest rates and money supply. A final decision has not been taken on whether it will be separated from the bank. Liu Mingkang, head of the Bank of China, is expected to be appointed as head of the new commission.