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Total assets of China's banking sector have grown 14.3 percent from a year ago to 143.7trillion yuan at the end of October.

On the yuan's exchange rate, he said the Chinese currency is now "very close to equilibrium".

China will accelerate the pace in making the yuan convertible under capital accounts, based on the before-mentioned reforms, Zhou said.

Annualized interest rate of private loans with a maturity of over one month will not be capped at 48 percent of the benchmark rate as suggested in the drafted version.

Investors went even crazier when the country's largest Bitcoin trading platform, BTC China, received an investment of $5 million on Monday.

The U.S. Department of Justice and Securities and Exchange Commission both accepted the legitimacy of Bitcoins at a Monday's hearing

Zurich rival Swiss Re said on the same day it had agreed to pay 493 million for 152.9 million shars from Zurich, and the rest shares Zurich said would be placed through a bookbuilding process.

Statistics showed that up to 80 percent capital in small and medium Chinese banks come from inter-bank markets and financial product sales

The State Council, or the cabinet, is working now on the legislation of a deposit insurance system.

Huang called for measures on short-term capital flows and more flexibilities of the foreign exchange system to avert financial and economic volatilities.

Daily trading band will be widened to help smooth capital flows

"The SCRC should play its role as a little finger during the process to reform the CSRC's function towards marketization",says Xiao Gang.

The impact of Federal tapering would be one of the greatest uncertainties facing the global economy the next year

The surprising move will return power to the market as well as investors, Xiao said Tuesday in a keynote speech at the Caijing Annual Conference 2014.

CSRC Xiao Gang warned it could take a long time for reforms to take effect.

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