China to merge insurance, banking regulators: reports

China reportedly plans to merge its insurance and banking
regulators in a move that will hand the country's central bank
more power.
The National People's Congress earlier today announced the
move to merge the China Insurance Regulatory Commission (CIRC) with
the China Banking Regulatory Commission, multiple news outlets
reported.
Bloomberg noted that some of the regulators' functions,
including drafting regulations and prudential oversight, will move
to the People's Bank of China.
The move is p