China’s State Council decided to remove Cao Yu from his post as vice chairman of the National Administration for Financial Regulation (NAFR). The agency reports that xinhuawithout explaining the reasons for this decision.
Established in May this year, NAFR is China’s financial regulator and reports directly to the State Council of the People’s Republic of China. The structure was created on the basis of the China Banking and Insurance Regulatory Commission (CBIRC), which combines the functions of regulating the financial system, except for the securities sector.
Last week, Li Yunjie, head of China’s financial market regulator, said in an interview with Xinhua statedHe said the country should strengthen its efforts to prevent financial risks. However, the approach should not be universal. He said each province will get its own plan.
Previously rating agency S&P Global reportedIt was stated that the debt crisis in China could cost local banks trillions of yuan.