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China Announces Further Opening Up of Financial Sector

A raft of 11 measures relating to the further opening up of China’s financial markets have been announced. These include foreign-invested institutions being permitted to conduct credit ratings relating to all the bonds traded on China’s inter-bank and exchange-traded bond markets. Overseas financial institutions are also to be encouraged to invest in the establishment of commercial banks’ asset management subsidiaries, while overseas asset management agencies have been given the go-ahead to jointly establish foreign-controlled asset management companies in association with subsidiaries of Chinese banks or insurers.

The move was announced on 20 July by the Office of the Financial Stability and Development Committee, which reports directly to the State Council.

Source: People’s Bank of China

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