More NewsChina to Open Up Banking Sector, Private Banks Planned

China to Open Up Banking Sector, Private Banks Planned

China has indicated that it is ready to further open up its state-run financial sector and create between three and five new private banks this year.

The China Banking Regulatory Commission (CRBC) announced that private capital would be used to either restructure existing banks or set up new ones bearing their own risks. The banks will operate on a trial basis under the supervision of regulators.

“Strict procedures and standards will be set for the pilots, with demanding set-up criteria, limited licenses, enhanced supervision and a risk handling system,” the CBRC said, according to the state-owned Xinhua news agency.

The CRBC added that it might even lower the threshold for foreign banks to enter the Chinese banking sector and ease renminbi (RMB) operation requirements.

Related Articles

Infosys Finacle to power Santander UK’s international cash management system

More News Infosys Finacle to power Santander UK’s international cash management system

4w The Global Treasurer
Preparing for GDPR? Here’s four things to consider

More News Preparing for GDPR? Here’s four things to consider

4m Elliott Wiseman
Cash flow in focus for investors

Cash Management Cash flow in focus for investors

5m Conor Deegan
Treasury TV: Karen Pugsley, Domino's Pizza Group

More News Treasury TV: Karen Pugsley, Domino's Pizza Group

5m Victoria Beckett
Treasury TV: Yeng Butler compares US and European MMF reforms

Compliance Treasury TV: Yeng Butler compares US and European MMF reforms

5m Victoria Beckett
Treasury TV: Tim de Knegt, The Port of Rotterdam

10 Minutes With The Treasury Treasury TV: Tim de Knegt, The Port of Rotterdam

6m Victoria Beckett
Banks are selling clients short with short dated cash deposit U-turns

Banking Banks are selling clients short with short dated cash deposit U-turns

6m Victoria Beckett
What does sterling’s Brexit boost mean for UK manufacturers?

More News What does sterling’s Brexit boost mean for UK manufacturers?

6m Tasja Botha