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China sidelines its once-venerated central bank
By Cheng Leng and Sun Yu
Financial Times, London
Monday, December 25, 2023
The influence of China's once-powerful central bank has diminished as Beijing steps up a drive to centralise Communist party control over financial regulation.
Some of the powers formerly held by the People's Bank of China have been taken over by a party oversight body and a revamped financial regulator as Beijing resets its growth model. While the central bank retains a vital role in daily money markets, its governor is now ranked lower in the party hierarchy than the chiefs of some of the banks the PBoC used to regulate.
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Analysts said the changes, part of a shake-up under President Xi Jinping, would diminish the PBoC's clout over domestic policymaking as well as its role as a communication channel with global regulators and markets.
"One of the biggest casualties of the new financial architecture is the diminished status of the PBoC," said George Magnus, an associate at Oxford university's China Centre. ...
... For the remainder of the report:
https://www.ft.com/content/b809c735-5ae7-433f-964d-f12ca7320538
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