China Banking Regulatory Commission (CBRC) is the direct supervision institution of major banks, and its authority and responsibility are: under the authorization of the State Council, uniformly supervise and manage banks, financial asset management companies, trust and investment companies and other deposit-taking financial institutions, and safeguard the legal and steady operation of the banking industry.
In other words, all the behaviors of banks are under the supervision of CBRC, and CBRC has the right to deal with and punish any irregularities of banks.
"Banking Supervision Law of the People's Republic of China" Article 2 The banking supervision institution of the State Council is responsible for the supervision and management of banking financial institutions and their business activities throughout the country.
The banking financial institutions mentioned in this Law refer to commercial banks, urban credit cooperatives, rural credit cooperatives, other financial institutions and policy banks established in People's Republic of China (PRC).
The provisions of this Law on the supervision and management of banking financial institutions shall apply to the supervision and management of financial asset management companies, trust and investment companies, finance companies, financial leasing companies and other financial institutions established with the approval of the banking regulatory authority of the State Council.
The State Council banking supervision institutions shall, in accordance with the relevant provisions of this Law, supervise and manage the overseas business activities of financial institutions established with their approval and those specified in the preceding two paragraphs.