China further opens up $44trn financial market

China has announced plans to remove limits on ownership in local banks and scrap size requirements for foreign firms that operate onshore as Beijing takes another step in opening its $44trn financial sector to the world. The China Banking and Insurance Regulatory Commission (CBIRC) said it will eliminate single shareholder limits for local banks and  allow foreign financial firms to buy shares in foreign insurers in China. These are among a dozen measures aimed at opening up China's  financial sector and comes at a time when US delegates headed by Treasury Secretary Steven Mnuchin and...