China's central bank will take on a beefed up role managing systemic risk in the country's financial markets, state broadcaster China Central Television said on Saturday, citing President Xi Jinping. Speaking at the National Financial Work Conference, Xi said China would set up a financial stability committee under the State Council, boost the People's Bank of China's (PBOC) role managing financial risks and create more cohesive regulation."We will strengthen the PBOC's role in macro-prudential management and in averting systemic risk," Xi said, adding the country would increase the accountability of regulators and the supervision over regulatory bodies.