SSE is directly governed by China Securities Regulatory Commission (CSRC). For the QFII and RQFII scheme, the licenses are granted by CSRC, the quotas are approved by the State Administration of Foreign Exchange (SAFE), and final approvals of special RMB accounts are made by People's Bank of China (PBC).
China Securities Regulatory Commission (CSRC), a ministerial-level public institution directly under the State Council, performs a unified regulatory function, according to the relevant laws and regulations, and with the authority by the State Council, over the securities and futures market of China, maintains an orderly securities and futures market order, and ensure a legal operation of the capital market.
As the central bank of the world’s second largest economy, The People‘s Bank of China (PBC) plays a crucial role in China's macroeconomic management and performs the following major functions:
The State Administration of Foreign Exchange is a deputy-ministerial-level state administration. The SAFE Head Office consists of eight functional departments, including the General Affairs Department (Policy and Regulation Department), Balance of Payments Department, etc. There are also four institutions affiliated with the SAFE, including the Central Foreign Exchange Business Center, Information Center, etc.
The major functions of SAFE includes: