China Unveils Rules For Foreign Banks – Reuters

From Reuters:

China on Wednesday released rules governing the operations of foreign banks once the country fully opens its doors to them in line with its WTO commitments.

In a document released by the official Xinhua news agency, China said foreign-funded banks and joint-venture lenders needed to set aside at least 1 billion yuan ($127 million) in registered capital.

By doing so, they would be allowed to do “part of or all” foreign currency and yuan-denominated business, it said.[Full Text]

-Read the report from the Financial Times, China paves way for foreign banks
-Also read the story from Xinhua