It has taken almost two decades of reform but the People’s Bank of China (PBOC) believes 1999 will at last see it join the ranks of the world’s independent central banks. The big revamp, long-awaited and finally announced towards the end of last year, involves replacing the bank’s provincial-level structures with nine regional entities which will answer only to Beijing.
The aim is to boost the central bank’s independence and eliminate interference by provincial and city governments through overhauling its management structure along the lines of the US Federal Reserve.
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