News Snapshot:
SHANGHAI (Reuters) - China should ensure financial innovation maintains fair competition and does not create oligopolies or construct barriers to entry, a Chinese regulatory official said Saturday. Xiao Yuanqi, chief risk officer at the China Banking and Insurance Regulatory Commission (CBRIC) told the Caixin Summit in Beijing that innovation should not undermine healthy competition or let innovation pioneers become hindrances to further innovation. Xiao defended the role of financial regulation in maintaining a fair market competition environment, reducing "too big to fail" moral hazards and maintaining financial stability. "History tells us that before each major financial crisis ... markets were...
