China regulator says will allow wholly-owned foreign banks in China

SHANGHAI (Reuters) – Foreign banks will be allowed to set up wholly-owned banks and branches in China, according to draft rules issued by the banking and insurance regulator on Thursday.

In a statement on its website, the China Banking and Insurance Regulatory Commission (CBIRC) said that branches of foreign banks would be required to keep more than 8 percent of yuan risk assets as yuan-denominated operational funds and reserves.

Chinese citizens would be allowed to establish time deposits exceeding 500,000 yuan in domestic branches of foreign banks, the draft rules said.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.