The PBC initiated and co-chaired the Sustainable Finance Study Group during China’s G20 Presidency in 2016. The Study Group contributed to building international consensus on green finance. Resumed under the Italian G20 Presidency this year, the Study Group is now co-chaired by the PBC and the US Treasury.
The first element of reforms centered on the Basel III package. The quality and level of capital has been increased  and new standards for liquidity has  been introduced. In addition, leverage has been constrained and explicit macroprudential dimension has been introduced. 7.