Photo: jiemian.com

Officials from the new National Financial Regulatory Administration attended a rehearsal on Wednesday evening to prepare for the administration's official unveiling ceremony, according to a report published by domestic news portal jiemian.com on Wednesday.

A reporter from the media outlet saw the rehearsal at around 7:00 pm at the Xinmao building, which is on Financial Street in Beijing, the report said.

A flag raising ceremony was held on the site, while residents also took pictures from time to time when they passed by, the report noted, adding that the administration's official unveiling ceremony might be held on Thursday.

As of press time, the WeChat account name of the China Banking and Insurance Regulatory Commission (CBIRC) has been changed to the National Financial Regulatory Administration.

Li Yunze has been named Party Secretary of the National Financial Regulatory Administration, according to an announcement on the official website of the CBIRC on May 10.

Li, 52, has been in the financial industry for 25 years and has worked in the nation's largest state-owned banks, including China Construction Bank for 23 years and Industrial and Commercial Bank of China for two years.

The National Financial Regulatory Administration will be directly under the State Council and in charge of regulating the financial industry except the securities sector, Xinhua News Agency reported.

It will be established on the basis of the CBIRC, which will not be retained. Certain functions of the People's Bank of China and the China Securities Regulatory Commission will be transferred to the new administration.