In 2004, the financial supervision system in China changed greatly. China established the China Banking Regulatory Commission, with the People's Bank of China responsible for the daily supervision of commercial banks and the People's Bank of China responsible for the central bank. In order to ensure the People's Bank of China to perform the duties of the central bank and implement the national monetary policy, the People's Bank of China reserves nine rights to conduct on-site inspections of commercial banks, and also has the right to supervise and make suggestions. The People's Bank of China deems it necessary to suggest that the CBRC inspect and supervise the relevant banks, and the CBRC must give a reply within 30 days.
The People's Bank of China Law of the People's Republic of China;
Article 32 The People's Bank of China has the right to inspect and supervise the following acts of financial institutions and other units and individuals:
(a) the implementation of the relevant provisions of the deposit reserve management;
(2) Acts related to the special loans of the People's Bank of China;
(three) the implementation of the relevant provisions on the administration of RMB;
(four) the implementation of the provisions on the management of the interbank lending market and the interbank bond market;
(five) the implementation of the relevant provisions on foreign exchange management;
(six) the implementation of the relevant provisions of the gold management behavior;
(7) Acting for the People's Bank of China to manage the national treasury;
(eight) the implementation of the relevant provisions of liquidation management;
(nine) the implementation of the relevant provisions of anti-money laundering behavior.
The special loan of the People's Bank of China mentioned in the preceding paragraph refers to the loan granted by the People's Bank of China to a special-purpose financial institution decided by the State Council.
Article 33 The People's Bank of China may, according to the needs of implementing monetary policy and maintaining financial stability, suggest that the banking supervision institution of the State Council conduct inspection and supervision on banking financial institutions. The banking supervision institution of the State Council shall give a reply within 30 days from the date of receiving the proposal.