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Beef-up for central bank

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IN a move to strengthen the role of the central bank, China is considering replacing provincial branches of the People's Bank of China with regional offices.

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Deputy governor Bai Wenqing said yesterday the government was considering strengthening the bank's headquarters and restructuring its branches.

These steps would centralise the decision-making process and minimise administrative interference from local authorities.

'When the situation is ripe, we will consider establishing branches of the central bank in administrative regions and clearly define their functions,' Mr Bai told participants at the four-day Pacific Rim Forum.

Those regional banks would serve as treasury for the government, he said.

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In addition, they would be responsible for regulating financial transactions, collecting statistics, co-ordinating liquidity of assets and providing regional financial analyses.

Meanwhile, the central bank's headquarters would take full control over monetary policy.

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