China to ease business curbs for foreign banks, regulator says

BEIJING (Reuters) – 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.

It will also abolish a “waiting period” for foreign banks to start doing yuan business, the China Banking Regulatory Commission said in a statement on its website, adding that China would steadily push forward the opening of its banking sector.

In November, China said it would raise foreign ownership limits in domestic financial firms, a long-anticipated step that gives overseas investors greater access to the Asian giant’s financial services market.

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