The new department will inherit the duties of the old one, which focuses on the yuan exchange rate and its internationalization. Handout

The People’s Bank of China has released its latest reform plan which focuses on its function, internal organizations and staff, The Paper reported.

A new Macro-Prudential Management Department has been set up to replace the original Monetary Policy Department. The new department will inherit the duties of the old one, which focuses on the yuan exchange rate and its internationalization.

It adds the responsibility of formulating a macro-prudential policy framework and basic system to supervise systemically important financial institutions and financial holding groups.

The PBOC has also set up a Financial Consumer Rights Protection Bureau and Central Bank Counsellor Office, boosting the number of internal organizations to 21 from 19.

Meanwhile, the Office of the Financial Stability and Development Committee of the State Council will now be located in the central bank. PBOC organizations will undertake relevant work of the office and also accept its leadership.

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