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China to allow more foreign investment in financial sector this year - PBOC

Reuters  |  BOAO, China 

BOAO, (Reuters) - will allow domestic and foreign financial firms to compete on an equal footing and "sharply" expand the business scope for foreign banks, central said on Wednesday.

The pledge, made at the annual Forum for in southern province, echoed previous promises from to open the financial sector but comes at a time of heightened pressure on from the over trade and access to China's markets.

On the trade front, Yi said and the should deal with their trade issues in a rational way, and added that the central would not let the yuan depreciate.

Yi, who became of the People's of (PBOC) last month, said would allow foreign investors into trust, financial leasing, and by the end of the year.

The government would also not set foreign ownership limits for investment in wealth management companies set up by commercial banks by the end of 2018.

Yi renewed China's pledge to further open the financial markets, and said most financial opening measures would be implemented by the end of June. He did not specify exactly what policies he was referring to.

Yi also said interest rate differentials between and the were in a comfortable range, and said was prepared for global monetary policy normalisation.

(Reporting by Kevin Yao; Writing by John Ruwitch; Editing by and Kim Coghill)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, April 11 2018. 09:11 IST