People's Bank plans customer protection scheme

CHINA - China plans to set up a deposit insurance system to protect bank customers and reduce increasing risks in the banking sector. Announcing the plan, People's Bank of China (PBOC) Vice-Governor Wu Xialiang, said establishing such a system was an important step in deepening China's financial system reform.

Wu Xialiang has said that the PBOC, the country's central bank, was conducting research on such an insurance systems and would establish one as soon as possible. Prior to the growth of c