CHINA-ECONOMY: PBoC STATEMENT ON US-CHINA TRADE DEAL

China's central People's Bank of China (PBoC) in an official statement on January 16, on the section of the phase one trade deal covering financial services stated, inter alia, that “[We want to] broaden market access for financial services…which is consistent with many opening measures introduced in China in the past two years.” It added “In areas that have already been opened, [we will] accept and approve business qualification applications from U.S.-funded institutions according to law” and that “[We will also] optimize and clarify regulatory rules.” The PBoC was at pains to point out that the Chinese side didn’t give the US any new openings and said: “The content of the Chinese commitment in the financial services chapter is basically a reaffirmation and elaboration of [existing policy].” 

The reputed Chinese financial paper Caixin reported (January 16) that replying to a question whether these are not US-specific openings and whether financial institutions from other counties get in on the action, Chinese Vice Premier Liu He said yes (Caixin). Liu He told reporters that financial market openings in the deal will apply to other countries as well.







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