China says it will step up supervision of financial institutions

China will implement prudent monetary policy

  
A China yuan note is seen in this illustration photo May 31, 2017.

A China yuan note is seen in this illustration photo May 31, 2017.

REUTERS/Thomas White

BEIJING- China will strengthen supervision of shareholders, actual controllers, connected transactions, data authenticity and other areas, a meeting of the Financial Stability and Development Committee chaired by Vice Premier Liu He said on Thursday.

The country will pay attention to the sustainable development of local financial institutions which should focus on the home market, step up risk management and avoid excessive expansion, the committee said.

China will implement prudent monetary policy and keep the yuan exchange rate basically stable at reasonable and balanced levels, it added.

(Reporting by Colin Qian in Beijing and Meg Shen in Hong Kong; Editing by Andrew Heavens) ((Reuters Messaging: colin.qian@thomsonreuters.com))

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