Central bank, CBRC slam Financial Times' Chinese website articles

Source:Global Times Published: 2014-4-10 23:33:02

China's central bank and the China Banking Regulatory Commission (CBRC) criticized the Financial Times' Chinese website Thursday for two reports that said the two regulators are a negative influence on market confidence and China's financial reform.

Ftchinese.com published two reports "The central bank and CBRC differences threaten market confidence" and "Regulatory agencies friction hinder China's financial reform" Thursday.

According to a statement released on the ­People's Bank of China's (PBC) website on the same day, the two reports on the Financial Times' Chinese website contain false information and have damaged the reputation of both the PBC and CBRC.

The statement, which had both the central bank and CBRC in the title, said that the two regulators will promote China's financial reform together with joint efforts but did not reveal other details.

The PBC's press office could not be reached for comment by press time.

One of the two reports said that the PBC and CBRC are competing for power and the conflict is one of the largest obstacles in China's financial reform.

The report also said the Joint Ministerial Conference on Financial Regulatory Coordination has been held only once since it was launched in August 2013 with the PBC as the main organizer and the report said the reason is strong opposition from the CBRC.

The PBC refuted that on its official Weibo account Thursday, stating that there have been three meetings since the joint ministerial conference mechanism was established, and agreements have been reached on a series of important issues, including financial information sharing, healthy development of Internet finance and the steady opening-up of the financial industry.

Posted in: Economy

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