PBOC Governor Pan Gongsheng: Continuously Crack Down on Illegal Financial Activities such as Speculation on Virtual Currencies, Focus on Financial Risk Convergence

During the economic theme press conference of the Fourth Session of the Fourteenth National People's Congress, Pan Gongsheng, Governor of the People's Bank of China, stated that in the past year, overall financial risks in key areas of China have been orderly resolved, with the financial system and markets operating smoothly. Risks in key areas continue to converge, and the People's Bank of China, along with relevant departments, maintains high pressure on illegal fundraising, speculation on virtual currency trading, underground banks, and other illegal financial activities. In the next steps, the People's Bank of China will orderly resolve risks in key areas to prevent financial risks and maintain financial stability, working with industry regulators and law enforcement agencies such as public security to continue cracking down on illegal financial activities. They will closely monitor and assess the impact of external shocks, use macro-prudential and financial stability policy tools, and timely weaken or block risk contagion.

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