Foreign banks to compete on more equal terms

Foreign banks will be able to compete on more equal terms and operate more flexibly in China, as part of the country's commitment to opening up its financial sector, according to a draft amendment to regulations, which was announced on Thursday.

Clients of foreign banks' domestic branches will be allowed to deposit at least 500,000 yuan ($72,000) into their accounts as time deposits per transaction, down from the 1 million yuan minimum stipulated in the current regulation, according to the draft amendment published by the China Banking and Insurance Regulatory Commission.

"The decrease will help foreign banks to develop their time deposits business in China, while offering better convenience for their clients," said Liu Chunsheng, an associate professor at the Central University of Finance and Economics.