From Financial Times:
More than 10 foreign banks accounting for over half the total assets held by overseas lenders in China are expected to move quickly to establish local subsidiaries under landmark rules announced last week, according to the national banking regulator.
Wang Huaqing, assistant chairman of the China Banking Regulatory Commission (CBRC), said Beijing planned to issue detailed regulations for implementation of the rules within a week. The rules open the Chinese market to locally incorporated units of foreign banks.
Beijing would also issue a public bulletin that would demonstrate its determination to liberalise the banking sector as promised under the terms of its 2001 entry to the World Trade Organisation, Mr Wang said in an interview with the FT.[Full Text]
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