China pledges to open up financial markets amid threat of U.S. trade war


Photo: SCMP

China’s central bank unveiled a slew of measures to open up its financial sector to foreign investment on Wednesday, including the removal of foreign ownership caps for banks, as Beijing tries to paint itself as an open economy and a key backer of free trade and globalisation amid a looming trade war with the United States.

The promises were announced by Yi Gang, the newly appointed governor of the People’s Bank of China, at the Boao Forum for Asia in the Chinese province of Hainan.  

Yi said China would allow foreign investors to take a maximum 51 per cent equity stake in brokerage firms, futures companies and fund management firms and will remove foreign equity ceilings totally in these sectors within three years.

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