Pan Gongsheng, Governor of the People's Bank of China, reaffirmed the central bank's commitment to cracking down on illegal financial activities, including cryptocurrency speculation. Speaking at the Fourth Session of the 14th National People's Congress, Pan highlighted that financial risks in key areas have been managed effectively over the past year, with the financial system operating smoothly. The PBOC, in collaboration with relevant departments, has maintained a stringent approach against illegal fundraising, virtual currency trading, and underground banking. Moving forward, the central bank plans to continue addressing financial risks in an orderly manner, working with industry regulators and law enforcement to prevent financial instability. The PBOC will also monitor external shocks and employ macro-prudential tools to mitigate risk contagion.
PBOC Governor Vows Continued Crackdown on Cryptocurrency Speculation
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