Financial Times FT.com

China paves way for foreign banks

By Mure Dickie in Beijing and Sundeep Tucker in Hong Kong

Published: November 15 2006 20:35 | Last updated: November 15 2006 20:35

China on Wednesday issued landmark rules allowing foreign banks to offer a full range of services to local customers – a liberalisation promised as part of its 2001 entry to the World Trade Organisation.

The regulations were broadly in line with recent drafts that some foreign bankers saw as unnecessarily onerous, but did include operating fund requirements for local branches of overseas banks that were considerably lower than some had feared.

You have viewed your allowance of free articles. If you wish to view more, click the button below.

Read this