China central bank urges banks to step up controls

CHINA - The People's Bank of China (PBOC), the country's central bank, on Wednesday issued guidelines on commercial banks' internal control, in a bid to urge the banks to improve their control system, minimize financial risks and ensure the safety of the banking system.

A spokesman for the PBOC said internal control is a dynamic process and mechanism for commercial banks to minimize risks through a series of systems, procedures and measures, so as to realize their management targets.

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