FCA reveals agreement with Chinese central bank

FCA reveals agreement with Chinese central bank




The Financial Conduct Authority (FCA) has announced an agreement with the People's Bank of China (PBOC) to create a framework to promote innovation in financial services.

As part of the accord, the two parties will share information such as market trends and developments, regulatory issues and data on organisations.

The agreement is to be signed by Yi Gang, deputy governor of the PBOC, and Christopher Woolard, director of strategy and competition at the FCA.

Both parties have launched initiatives to study and promote innovation in their respective markets, with the FCA embarking on 'Project Innovate' in October 2014, while the PBOC released ‘Guiding Opinions on Promoting Healthy Development of Internet Finance’ on 18th July 2015.

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