BEIJING, May 30 (Xinhua) -- The People's Bank of China (PBOC), China's central bank, set up a deposit insurance fund management company last Friday with registration capital of 10 billion yuan, according to the National Enterprise Credit Information Publicity System.
The deposit insurance fund management company is established to protect depositors' savings at financial institutions, marking a step forward of China's deposit insurance scheme.
It's the first independent entity to manage China's deposit insurance fund, which amounted to 82.12 billion yuan at the end of 2018.
Huang Xiaolong, deputy head of the financial stability bureau of PBOC, will serve as the legal representative and executive director of the newly founded company.
China's deposit insurance scheme was launched in 2015 to ensure the sound and stable operation of the banking industry. It covers 99.5 percent of depositors, who could receive up to 500,000 yuan of compensation if related bank is insolvent. A total of 4,017 depository financial institutions had joined the scheme as of the end of 2018. (Edited by Su Dan)