Former finance minister criticises PBoC’s prudential supervision
Lou attacks central bank over macro-prudential supervision and warns of China’s high debt levels
The Chinese central bank did not take adequate precautions in identifying and controlling systemic risk ahead of the collapse of a city commercial bank, China’s former finance minister Lou Jiwei said on December 20.
Lou cited the central bank’s handling of the collapse of Baoshang Bank last year as an example of poor regulatory oversight. To rescue the troubled regional lender, the People’s Bank of China (PBoC) has provided 23.5 billion yuan ($3.4 billion) of liquidity support through a lending
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