China's central bank announced on Monday that an online system for the registration of Legal Entity Identifiers (LEI) has been established and put into operation, joining a global effort to strengthen financial stability.
The LEI system was proposed by the Financial Stability Board, a group of finance ministers and central bankers from major economies after the 2008 crisis. It provides a unique ID for legal entities engaged in global financial transactions as a means to promote integration and reduce risks.
The Chinese website of the system is http://www.leichina.org, which offers a host of services related to global LEI, the People's Bank of China said in a statement.
Meanwhile, the United States, the United Kingdom and Germany have built domestic systems for LEI, while Asian countries including India, Japan and the Republic of Korea are advancing related work, according to the central bank.