FILE PHOTO: Headquarters of the People’s Bank of China (PBOC), the central bank, is pictured in Beijing, China September 28, 2018. REUTERS/Jason Lee/File Photo
July 26, 2019
BEIJING (Reuters) – China’s central bank issued draft rules on financial holding companies on Friday, setting minimum asset requirements and banning them from non-financial business activities.
Draft rules published by the People’s Bank of China also give the central bank the power to order financial holding firms to rescue affiliated companies through capital injections or equity transfers. The PBOC would review all applications for setting up new financial holding firms under the draft rules.
(Reporting by Beijing Monitoring Desk and Leng Cheng; writing by Se Young Lee; Editing by Nick Macfie)
