These vary in composition and mandate at national level.9 At European level, the ESRB was established in 2010 to oversee the financial system of the European Union (EU) and prevent and mitigate systemic risk.
Holding a share of around 70 percent, the largest investors remain the Chinese commercial banks. Consequently, it is vital that further reforms are implemented in the future to open up the financial markets for foreign investors so that the renminbi can gain a foothold among the flexible and internationally used investment currency elite.