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Strategies & Market Trends : China Warehouse- More Than Crockery -- Ignore unavailable to you. Want to Upgrade?

To: RealMuLan who wrote (2274)	12/28/2003 5:01:19 PM
From: RealMuLan	Read Replies (1) \| Respond to of 6370

China relaxes rules on lenders By Robert Orr in London Published: December 28 2003 17:58 \| Last Updated: December 28 2003 17:58 The Chinese authorities have approved a series of amendments to the country's banking regulations, including a relaxation of rules prohibiting some lenders from investing in the stock market. Commercial lenders had been barred from engaging in non-banking businesses such as securities, insurance and trust services. The move is aimed at giving Chinese banks access to additional revenue streams ahead of the opening up of the country's banking sector to further foreign investment from 2006. Jiang Qiangui, vice-chairperson of the National People's Congress' Law Committee told Xinhua, the state news agency, that non-banking financial business would be permitted from February 1, but under strict supervision. The committee also formally ratified the creation of the China Banking Regulatory Commission, the body set up in April to take over supervision of banks and financial institutions. The CBRC is chaired by Liu Mingkang, the former head of the Bank of China, who has pledged to overhaul the governance of China's banks. ... news.ft.com