China financial sector faces bubble risk.

China’s financial sector faces bubble risks, which are reflected in the country’s high broad money supply, Huang Qifan, deputy chairman of the economic and finance committee under the National People’s Congress, said at a conference on Thursday. 

Huang also said China needs to reform its foreign exchange reserves system and that the People’s Bank of China should have independence to enact monetary policy. 

Huang, appointed to his current post in February, is considered a leading financial expert in China and is best known for his term as mayor of Chongqing.