China pledges to further open financial sevices sector
5/12/2008 16:14
China today pledged to further its open financial services sector and
further integrate into global markets.
The pledge came at the end of the
two-day China-US Strategic Economic Dialogue(SED) in Beijing.
"Foreign
incorporated banks in China will be allowed to trade bonds in China in the
inter-bank market, both for their customers or their own accounts," according to
a SED fact sheet released by the Chinese side.
"This action opens up market
opportunities for US banks that were previously limited to Chinese banks," said
a US fact sheet.
To promote financial stability, China will allow foreign
banks to increase their liquidity through either guarantees or foreign currency
loans from overseas affiliates on a temporary basis, notwithstanding foreign
currency debt quotas.
The US fact sheet said the move helped maintain
investor and depositor confidence so that US banks can continue to grow their
business in China.
The twice-yearly SED, initiated by the two presidents, is
currently the highest-level economic dialogue between the two
nations.
Xinhua
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