NO CONSOLIDATED REGULATOR, SAYS CHINESE OFFICIAL

China does not intend to consolidate its several financial regulators into a single body, according to Zheng Xinli, deputy director of the Central Policy Research Office. He said that the current mechanism of individual regulators worked well because it strengthened supervision, diverted risks and endured financial security, reported Shanghai Securities News on Friday. Mr Zheng said that the rumours had arisen because of a misinterpretation of comments that he made earlier. He said that future developments would depend on co-operation between the securities, banking and insurance regulators and the Central Bank. During the 17th CPC National Congress late last year it was widely interpreted that a single regulator had been proposed.