China Open to More Foreign Bank Licenses

The Chinese government is looking to approve global banks for majority ownership in local security ventures; the China Securities Regulatory Commission (CSRC) is looking to grant more licenses in the next 6 months; UBS Group AG was already approved and JPMorgan and Nomura Holdings have also applied; even with trade tensions getting higher the move could potentially be a big one for the banks and the Chinese government; the financial sector in China is worth more than $40tn. Source.

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