For decades, China has carefully controlled the activities of
foreign banks in a bid to protect domestic players, with foreign
banks' share in a fast-growing market falling to just 1.4
percent.
The China Banking Regulatory Commission said it would also
abolish a "waiting period" for foreign banks to start doing yuan
business and adjust requirements on operating capital
management.
"We will actively and steadily push forward opening of the
banking sector and reasonably arrange the order of opening," it
said in a statement on its website.
China will amend banking regulations and improve supervisory
systems to help fend off systemic financial risks, it added.
In November, China said it would raise foreign ownership limits
in domestic financial firms, a long-anticipated step that gives
overseas investors greater access to the Asian giant's financial
services market.
(Reporting by China monitoring desk and Kevin Yao; Editing by
Clarence Fernandez)
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