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China announces new financial regulator in governmental overhaul
China is introducing a new national financial regulator as part of a governmental overhaul. The current banking and insurance watchdog, the China Banking and Insurance Regulatory Commission (CBIRC), will be abolished, and its responsibilities will be moved to a brand new administration. The new financial regulator will "strengthen institutional supervision, supervision of behaviors and supervision of functions." There was no specific mention of reforms for the crypto industry.