The Central Bank’s role in China is becoming secondary due to the increasing influence of the Chinese Communist Party (CCP) on monetary policy. This was reported by Financial Times.
It is stated that some of the Central Bank’s powers have been transferred to the supervisory authority of the KPK. It is acknowledged that the bank’s role in the stock market remains critical on a daily basis, but in terms of the hierarchy of power and influence over the economy it is already less than some of the other banks it previously controlled. This is believed to reduce the value of China’s central bank as a negotiating partner for international players seeking to influence China’s financial policy.
The reason for the People’s Bank of China to be “left in the background” is the ongoing debt crisis as well as the need to recover the Chinese economy after the crisis caused by the epidemic.
Before that in China changed Central Bank Party Secretary.
Previously in China started The case is about the deputy governor of the country’s Central Bank.