Key facts
- China's National People's Congress Standing Committee is reviewing a draft revision to the Law on the People's Bank of China.
- The proposed overhaul includes mechanisms designed to counter foreign sanctions.
- This revision aims to strengthen China's financial defenses against external economic measures.
China's top legislature is reviewing a sweeping overhaul of the central bank law that would introduce mechanisms to counter foreign sanctions, fortifying the nation’s financial defenses. Submitted Tuesday to the Standing Committee of the National People’s Congress, the draft would update the Law on the People’s Bank of China (PBOC) nearly six years after an initial proposal.