The PBC and the China Securities Regulatory Commission (CSRC) jointly released the Provisional Rules for Money Market Fund Management to support the development of money market fund business by fund management companies. Twelve money market funds have been launched so far. Second, fund business and the incorporation of fund management companies by commercial banks were encouraged.
The PBC drafted and issued the Administrative Rules on Incorporation of Fund Management Companies by Commercial Banks. Allowing commercial banks to set up fund management companies would help to enhance the proportion of direct financing, advance the development of institutional investors, promote commercial bank reform and optimize resource allocation. Third, market maker system was established in the inter-bank bond market based on bilateral quotations.