China bank regulators in turf war

China bank regulators are caught in a turf war, reports the Financial Times on April 10, 2014.

A bitter turf war between China's top two financial watchdogs as the China Banking Regulatory Commission and the People's Bank of China is obstructing reforms and efforts to tackle risks in the financial sector, according to officials from both agencies.

From the outside, the Chinese system can often look like a monolithic structure but the various arms of the bureaucracy are often engaged in vicious institutional battles that can delay or even thwart policy.