China to oversee platform companies and virtual currency trading

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A man walks past the People’s Bank of China, Beijing, China, July 20, 2021. /CFP

A man walks past the People’s Bank of China, Beijing, China, July 20, 2021. /CFP

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

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

The country will continue to guard against major financial risks and improve the green financial system by implementing tools to help reduce carbon emissions.

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

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

In addition, China will align with 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 areas to advance bilateral or regional opening through free trade agreements, the statement said.

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