Thursday, July 31, 2014   

Beijing opens door to five private banks
(01-07 15:58)

China will set up three to five private banks on a trial basis this year in a bid to further open up the banking sector to domestic and foreign capital, the banking regulator said.
Private capital will be introduced to restructure banks, or set up new ones, the China Banking Regulatory Commission said in a work meeting.
Strict procedures and standards will be set for the pilots, with demanding set-up criteria, limited licenses, greater supervision and a risk handling system, according to the CBRC.
The CBRC will try to ease the threshold for foreign capital to enter the banking sector and ease yuan operation requirements, while more policies will be issued to support banking reform in the Shanghai free trade zone and financial reform pilot zone.—Xinhua

   
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