But the super-agency is not expected to affect the role of existing regulators, and nor is it expected to formulate policy. This will come as a surprise to lawyers and other expert observers who had expected a move towards streamlined regulation. Reuters comments: 'This is contrary to market expectations, which have long speculated that China would create a super-agency for financial regulation to cut bureaucratic infighting and quicken reforms.'

The aims of the new body are to strengthen existing regulation and help the development of regulation for new products. Members of the new body are, according to IB Times: 'the People's Bank of China (PBoC), the China Banking Regulatory Commission (CBRC), the China Securities Regulatory Commission (CSRC), the China Insurance Regulatory Commission (CIRC) and the State Administration of Foreign Exchange (SAFE)'. The governor of the PBoC, Zhou Xiaochuan, will be the head of the new body.