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Xi: China central bank will play bigger role in managing financial risk

Staff Writer |
China's central bank will take on a bigger role in macro-prudential management and in averting systemic risk in the financial system, President Xi Jinping said at a once-in-five-years government work conference that ended on Saturday.

Financial security is a vital part of national security, Xi said at the fifth National Financial Work Conference, adding that China will strengthen the Communist Party's leadership in the financial sector.

A Financial Stability and Development Committee will also be set up under the State Council, or cabinet, state media cited Xi as saying.

No details were given on the committee and on how the role of the People's Bank of China (PBOC) will be strengthened.

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