The headquarters of the People's Bank of China in Beijing Photo: IC

The Monetary Policy Committee of the People's Bank of China (PBC), China's central bank, has been reshuffled, with Wu Qing, new head of the China Securities Regulatory Commission, and another PBC official and two economists becoming new members.  

Meanwhile, Yi Huiman, former CSRC head, and three others withdrew from the committee, according to the PBC website on Tuesday.

This is the first committee reshuffle following the amendment of some rules for the Monetary Policy Committee on January 18.

The amended rules added that the committee will adhere to the leadership of the Communist Party of China, improve the modern monetary policy framework and report important matters to the CPC Central Committee and the State Council, the cabinet.

The Monetary Policy Committee is a consultative body for the making of monetary policy by the central bank, whose responsibility is to advise on the formulation and adjustment of monetary policy and policy targets within a certain period, application of monetary policy instruments, major monetary policy measures and the coordination between monetary policy and other macroeconomic tools.

The committee plays its advisory role on the basis of comprehensive research on macroeconomic situation and the macroeconomic targets set by the central government, according to an introduction on the PBC website.

The Monetary Policy Committee performs its duty by convening the regular quarterly meeting. On December 27, the committee held its fourth-quarter meeting, stressing that China will step up the implementation of the new monetary policy that it put in place.

The adopted policies include maintaining reasonable and sufficient liquidity, guide reasonable credit growth and a balanced credit supply, and keep the scale of social financing and money supply in line with the set targets for economic growth and consumer price levels.