From BBC News: China has been under pressure to reform its financial markets
China is set to see greater competition from foreign banks as a deadline looms for it to open its markets under World Trade Organization (WTO) rules.
Monday will mark five years since China joined the WTO, and one requirement included lifting limits on foreign access to retail banking.
A US report will assess if such rules have been met. If they have not, China could face a WTO case from the US.China has faced pressure to reform its currency and open its markets.
The US has been a fierce critic of China’s currency policy saying it has kept the yuan artificially weak in a bid to boost exports, making it hard for American firms to compete.
Trading partners, especially the US, have said China has been overly restrictive about foreign goods entering China. [Full Text]
