China releases roadmap for global Legal Entity Identifier application

BEIJING - China has released the Roadmap for the Application and Implementation of the Global Legal Entity Identifier (2020-2022), the central bank said.

The move was made to promote the application and implementation of the global Legal Entity Identifier in China, align with the high-standard international system of market rules, support the high-level financial opening up and facilitate cross-border trade and financial transactions, the central bank said.

The roadmap was jointly released by the People's Bank of China, the China Banking and Insurance Regulatory Commission, the China Securities Regulatory Commission and the State Administration of Foreign Exchange.

The roadmap sets the major goals of applying and implementing the global LEI in China from 2020 to 2022, and clarifies key tasks including the application of technology and the sustainable development of the local system.