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CBRC eases rules for foreign banks

Banking regulators will further promote the opening up of China's banking industry to foreign investments, the China Banking Regulatory Commission reaffirmed on Wednesday. Next, the CBRC will relax restrictions on the forms of business for foreign banks and expand their scope of business by supporting foreign bank branches to participate in government bond-related business and financial market business, and loosening up requirements on foreign bank branches to participate in the business of renminbi deposits by personal clients. It will also adjust the requirements on working capital management and regulatory evaluation methods of foreign bank branches, said the CBRC in a statement posted on its website.

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