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Two private banks get nod

By Jiang Xueqing | China Daily | Updated: 2014-09-30 07:17

Juneyao Group, Alibaba finance arm to pilot new lending platforms

The China Banking Regulatory Commission announced on Monday that it has approved the launch of two new private banks in an effort to promote innovation models for the country's financial reform.

Back in July, the regulator gave consent to three such banks, which was considered a landmark effort for the government to open up the State-controlled financial market to private investors.

Two private banks get nod

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