Exclusive: China considers new regulator for financial sector

By creating an overseer for banks, Beijing could distribute the burden of managing its numerous and sometimes unruly state-owned businesses. The focus on banks may also tighten China's hold on its fast-growing financial sector.

The new financial supervisor would also outrank top bank executives in China's political hierarchy, said the sources, an important consideration in a country where top managers of state-controlled firms are usually high-ranking Communist Party members.

The sources have requested anonymity because they were not authorized to speak to reporters.

SASAC, the banking, securities and insurance regulators declined to comment when contacted by telephone.

(Reporting by Benjamin Kang Lim and Koh Gui Qing; Editing by Don Durfee)