China says it will continue to open up financial sector By Reuters

0
40

© Reuters. FILE PHOTO: People walk past an office compound in Beijing’s Central Business District (CBD), China, July 13, 2021. REUTERS/Tingshu Wang

BEIJING (Reuters) – China will continue to open up its financial sector and improve rules for foreign banks and insurance firms entering the market, state media quoted the cabinet as saying on Wednesday.

China has stepped up efforts to open its financial sector to help lure in more foreign investment and shore up the economy, amid rifts with the United States.

China will improve market access requirements for foreign banks and insurance companies, state media quoted the cabinet as saying.

The country will also improve rules on cross-border exchanges between parents and subsidiaries of financial institutions, the cabinet said without elaborating.

China will improve its macro-prudential framework to monitor systemic finiancial risks, the cabinet said, adding that China will keep the yuan exchange rate basically stable.

It will maintain steady growth in imports and exports in the second half, the cabinet added.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.