China has revised rules to allow foreign commercial banks to distribute mutual funds in the country.
This comes after the meetings in Washington last month, when China agreed to let foreign banks sell mutual funds in China and provide custodian services.
This will enable global banks such as HSBC and Citigroup to expand their presence in the $400 billion market.
Locally incorporated foreign banks can now apply for business licenses, "based on agreements reached during the third round of the Sino-U.S. Strategic and Economic Dialogue, under which foreign banks enjoy the same rights as local banks in distributing mutual funds," the China Securities Regulatory Commission said in a notice on its website.
The full story is available at Reuters.
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