Posted inRegulation

New CBRC chief to `safeguard’ $4.4trn in WM products

Guo Shuqing, the newly-appointed chairman of the China Banking Regulatory Commission (CBRC), has vowed to close cross-market financial product loopholes and tighten oversight of the nearly CNY30trn ($4.4trn) held in Chinese banks' wealth management products.


Three days into his new role, Guo made his first public appearance on Thursday, telling the press: “We will put the prevention of financial risks at a more prominent position to make sure there won’t be a systematic financial crisis,” reports Reuters.

He said he is determined to remove “chaos” from the regulatory system to “safeguard” the health of China’s CNY232trn banking sector for “the country and the people”.

Guo said that CBRC is collaborating with other regulators to create a framework to close loopholes in rules for cross-market financial products.

The chairman dodged a question about whether he will lead Beijing’s efforts to unify China’s central bank with regulators overseeing banking, securities and insurance.

His comments come a day after president Xi Jinping told top policymakers that China must “unswervingly” crack down on financial irregularities and illegal behaviour, while improving its market supervision.


Part of the Mark Allen Group.