BUSINESS China to supervise platform enterprises, virtual currency trading


China to supervise platform enterprises, virtual currency trading


19:55, July 31, 2021

The People's Bank of China (PBOC) said it will supervise and guide platform companies to make comprehensive rectifications in accordance with regulatory requirements, and maintain high pressure on virtual currency trading, according to a statement released on Saturday.

(File photo: CFP)

China will adhere to a prudent monetary policy that is flexible, reasonable and appropriate, and comprehensively use a variety of monetary policy tools to maintain sufficient liquidity, the PBOC said at a meeting guiding for work in the second half of the year.

The country will continue to guard against major financial risks and improve green financial system by implementing carbon emission reduction supporting tools.

Meanwhile, it will deepen financial reforms and opening-up in key areas, and continue to promote the internationalization of the renminbi, and develop the offshore renminbi market, said the statement.

The country will carry out high-level pilots for cross-border trade and investment. It will expand the pilot program of trade balance facilitation and support more regions, especially the central and western regions.

In addition, China will align with the international standards and promote the formation of a higher level of financial openness based on the negative list. It will coordinate national pilot free trade zones to advance bilateral or regional opening up through free trade agreements, said the statement.

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