PBOC Shanghai Vows Continued Crackdown on Crypto Trading Speculation

The Shanghai headquarters of the People's Bank of China (PBOC) convened its work conference for the second half of 2026, reaffirming its focus on financial risk prevention. The meeting made clear that the 'bottom line' of avoiding systemic financial risks must be maintained, with intensified assessment and verification of bank ratings and strengthened monitoring of systemically important financial institutions. Virtual currency activity remains a specific concern. The regulator said it will continue to prevent and handle risks associated with virtual currency trading and speculation. The conference also addressed broader financial governance: guiding local institutions to standardize online marketing of financial products, improving the mechanisms for preventing and resolving systemic risks, reinforcing action against illegal financial activities, and further developing the macroprudential management framework. Cross-border financial risk monitoring was listed as a priority as well.