China to remove business restrictions on foreign banks

18 October, 2019 12:00 AM printer

BEIJING: China will remove business restrictions on foreign banks, brokerages and fund management firms, a cabinet meeting chaired by premier Li Keqiang on Wednesday said, according to state television.

China has stepped up efforts to open its financial sector amid a festering trade war with the United States, with increased access to its financial sector among a host of demands from Washington, report agencies.

The country caught traders off-guard with a surprise injection into the financial system via loans to banks, ahead of data on Friday which is expected to show a further slowdown in the domestic economy.