China to Improve Monetary Policy Controls and Establish Risk Alert System


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© Reuters. FILE PHOTO: People walk in the Lujiazui financial district at sunset in Pudong, Shanghai, China July 13, 2021. Photo taken July 13, 2021. REUTERS / Aly Song

SHANGHAI (Reuters) – China will continue to improve its monetary policy controls and prudent macroeconomic policy framework, and put in place an early warning system to monitor and assess financial risks, a senior official said on Saturday. of the central bank.

People’s Bank of China vice-governor Chen Yulu told a forum in Beijing that China will continue to maintain “the essentials to avoid systemic risks” and strive to integrate all financial institutions within its monitoring framework.

China will continue to open its financial markets to foreign institutions, he said in the released speech, calling the process “almost complete.” Chen said restrictions on foreign ownership in banks, securities, fund management, and insurance have been completely removed.

Foreign investors increased their holdings of domestic yuan assets, including stocks, bonds, deposits and loans, to 1.27 trillion yuan ($ 197 billion) in the first half of 2021, he said. declared.

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