Chinese finance regulators vow tighter supervision, new rules

Chinese officials pledged to tighten supervision in the financial services industry, suggesting a recent regulatory onslaught on the private sector that sent shockwaves globally is not over yet.

The central bank will close loopholes in its financial technology regulation, and include all types of financial institutions, services and products into its prudential supervision framework, Chen Yulu, deputy governor of the People’s Bank of China, said at the China International Finance Annual Forum in Beijing Saturday. Authorities will also boost foreign exchange market supervision at macro and micro levels, he said without elaborating.

“We will enhance the effectiveness and professionalism of