International Monetary Fund. Monetary and Capital Markets Department
INTERNATIONAL MONETARY FUND
This Technical Note analyzes financial stability issues related to the financial market infrastructure in China. Since the previous Financial Sector Assessment Program, the supervision and oversight of the infrastructure has strengthened through the adoption of the CPSS-IOSCO (Committee on Payment and Settlement Systems/International Organization of Securities Commissions) Principles for Financial Market Infrastructures (PFMI). The public adoption of the PFMI by the authorities in 2013 and the establishment of an interagency platform to assess the financial market infrastructure are commendable. Full implementation of the principles is the next step and is expected to enhance resilience and stability of the infrastructure.