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    The People's Bank of China newly established the Secretariat of the Financial Committee Office and the Macro Prudential Administration

    2019-02-11 10:04:20

    Financial Times Li Guohui

    On February 2, the China Institutional Development Network promulgated the Provisions on the Functional Allocation, Internal Institutions and Staffing of the People's Bank of China (hereinafter referred to as the “Regulations”), which clarified the functions of the central bank, the establishment of internal institutions and the staffing.

    The regulations state that the Office of the Financial Stability Development Committee of the State Council (hereinafter referred to as the “Financial Committee” is located at the People's Bank of China, accepting the direct leadership of the Financial Committee, undertaking the daily work of the Financial Committee, and promoting the implementation of the decision-making and financial planning of the Party Central Committee and the State Council on financial work. Organize various work arrangements, organize the drafting of major plans for financial industry reform and development, propose major policy recommendations for systematic financial risk prevention and disposal and maintenance of financial stability, and coordinate the establishment of central and local financial supervision, risk disposal, consumer protection, information sharing and other collaborative mechanisms. To undertake the specific work of guiding local financial reform, development and supervision, formulating accountability methods for financial management departments and local financial supervision, and undertaking accountability and accountability. The regulations propose that the Secretariat of the Finance Committee Office be responsible for handling the daily affairs of the Finance Committee Office.

    In terms of staffing, the regulations are clear, and the administrative establishment of the People's Bank of China is 779 (including 15 by the Secretariat of the Finance Committee Office). There are 1 president, 4 deputy presidents, and 92 director-level leaders.

    The main responsibilities of the People's Bank of China are clearly defined, formulating financial industry reform, opening up and development plans, undertaking comprehensive research and coordinating the resolution of major problems in financial operations, and promoting the coordinated and healthy development of the financial industry. Lead the national financial security work coordination mechanism to maintain national financial security. Lead the establishment of a macro-prudential management framework, formulate major laws and regulations for the financial industry and other relevant laws and regulations, formulate a basic system for prudential supervision, and establish and improve the basic system for financial consumer protection. Formulate and implement monetary and credit policies, improve the monetary policy control system, and be responsible for macro-prudential management. Take the lead in systemic financial risk prevention and emergency response, and be responsible for the basic rules formulation, monitoring analysis and consolidated supervision of financial groups such as financial holding companies and systemically important financial institutions, and in accordance with the situation, the relevant regulatory authorities should take corresponding regulatory measures and, if necessary, The State Council approved the inspection and supervision of financial institutions, and led the organization to formulate plans for the implementation of system-critical financial institutions recovery and disposal. Undertake the responsibility of the lender of the last party, and be responsible for the inspection and supervision of the use of the central bank's financial institutions for the purpose of defusing financial risks. Supervise and manage inter-bank bond market, money market, foreign exchange market, bill market, gold market and above-mentioned market related OTC derivatives; take charge of cross-market cross-market cross-regional financial risk identification, early warning and disposal, and be responsible for cross-financial financial business monitoring The assessment will work with the relevant departments to formulate the basic rules for the unified asset management products and the corporate credit bond market and its derivatives market. Responsible for formulating and implementing RMB exchange rate policy, promoting cross-border use and international use of RMB, maintaining balance of payments, implementing foreign exchange management, being responsible for tracking and monitoring of risks in international and domestic financial markets, monitoring and managing cross-border capital flows, holding and managing And operating national foreign exchange reserves and gold reserves. Take the lead in responsible for important financial infrastructure construction planning and overall implementation of supervision, promote financial infrastructure reform and interconnection, and coordinate Internet financial supervision. Coordinate the comprehensive statistics of the financial industry, take the lead in formulating a unified financial industry comprehensive statistical basic standards and working mechanisms, build a national financial basic database, and perform relevant duties related to financial statistics surveys. Organize the development of the financial industry information development plan, responsible for financial standardization organization management coordination and financial technology related work, and guide the financial industry network security and information work. Issue RMB and manage RMB circulation. Coordinate the construction of the national payment system and implement supervision and management. It will work with relevant departments to formulate payment and settlement business rules, and is responsible for the safe, stable and efficient operation of the national payment and clearing system. Manager Treasury. To undertake the responsibility of organizing, coordinating, supervising and managing the national anti-money laundering and anti-terrorist financing work, and responsible for the monitoring of funds suspected of money laundering and terrorist activities. Manage the credit industry and promote the establishment of a social credit system. Participate in global economic and financial governance related to the People's Bank of China business and carry out international financial cooperation. Engage in financial business activities in accordance with relevant regulations. Management of the State Administration of Foreign Exchange. Complete other tasks assigned by the Party Central Committee and the State Council.

    The regulations also mention the transformation of functions: improving the macro-control system, innovating and controlling modes, constructing policy coordination and work coordination mechanisms for development planning, finance, finance, etc., strengthening economic monitoring, forecasting and early warning capabilities, establishing and improving major problem research and policy reserve working mechanisms, and strengthening Forward-looking, targeted, and coordinated macro-control. Focusing on the guidelines and tasks of party and state financial work, strengthening and optimizing financial management functions, strengthening the coordination of monetary policy, macroprudential policies, and financial regulatory policies, strengthening macro-prudential management and systemic financial risk prevention duties, and maintaining non-occurrence systems The bottom line of financial risk. In accordance with the work requirements of decentralization and decentralization, integration of management, optimization of services, and transformation of functions, we will further deepen the reform of administrative examination and approval systems and financial market reforms, and strive to standardize and improve administrative examination and approval, and improve the efficiency of administrative examination and approval. Accelerate the promotion of "Internet + government services", strengthen post-event supervision, and effectively improve the quality and effectiveness of government services. We will continue to improve the financial legal system and do a good job of institutional guarantees for the reform of “distribution management”, providing strong support for stabilizing growth, promoting reform, restructuring, and benefiting people's livelihood, and promoting sustained, stable and healthy development of the economy and society.

    In terms of internal institutions, the regulations state that the People's Bank of China has the following internal institutions: the General Office (the Party Committee Office), the Articles Division, the Research Bureau, the Monetary Policy Division, the Macro Prudential Administration, the Financial Markets Division, the Financial Stability Board, and the Investigation and Statistics Division. , Payment and Settlement Division, Science and Technology Department, Money and Banking Bureau (Security Bureau), Treasury Bureau, International Division (Hong Kong, Macao and Taiwan Office), Credit Information Administration Bureau, Financial Consumer Rights Protection Bureau, Accounting and Finance Department, IAOD (Party Committee Inspection Work) Leading group office), Personnel Department (Party Committee Organization Department), Party Committee Propaganda Department (Party Committee and Labor Department), Counselor's Office, Party Committee, and Retired Cadre Bureau.

    It is worth noting that the regulations are clear and a new macro-prudential authority is established. The function of the Macro Prudential Authority is to lead the establishment of a macroprudential policy framework and basic system as well as a system for assessing, identifying and disposing of systemically important financial institutions. Leading financial holding companies and other financial groups and systemically important financial institutions to develop basic rules, monitoring analysis, and consolidated supervision. Take the lead in the macro-prudential management of the foreign exchange market, research and evaluate the RMB exchange rate policy. Formulate and implement a cross-border RMB business system, promote cross-border and international use of RMB, and implement counter-cyclical adjustment of cross-border funds. Coordinate the development of onshore and offshore RMB markets. Promote monetary cooperation between central banks and take the lead in proposing renminbi capital project convertibility policy recommendations.

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    Editor in charge: Lu Shan RF10057

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