Business
22:35, 13-Dec-2017
China to further ease business curbs for foreign banks
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China will relax requirements for foreign banks to take retail yuan deposits and allow them to do business in government bonds, the banking regulator said on Wednesday, in its latest move to open up the financial sector.
An announcement published by banking regulators Wednesday reiterated a more inclusive attitude towards and broadening of access for foreign banks carries on a trend of opening up and inducing greater competition and better services in the financial sector.
The China Banking Regulatory Commission said that it would also abolish a “waiting period” for foreign banks to start doing yuan business and adjust requirements on operating capital management. Foreign banks would also be encouraged to hold and sell government bonds, as well as a wider range of financial services.
“We will actively and steadily push forward opening of the banking sector and reasonably arrange the order of opening,” it said in a statement on its website.
China will amend banking regulations and improve supervisory systems to help fend off systemic financial risks, it added.
Source(s): Reuters