China allocates regulators for online banking
China’s central bank, and nine other government departments, jointly released guidelines on regulating online banking and finance. The announcement on July 18 sets out the responsibilities for each financial regulator. For example, the central bank will supervise online payments, while the China Banking Regulatory Commission will oversee online lending, trust funds and personal finance. Also, the guidelines state that non-bank online lenders have to keep their clients’ funds in a holding account at a commercial bank. The central bank said that the regulators would release more detailed rules very soon.