US banks take majority stake in China JVs

American investment banks Goldman Sachs and Morgan Stanley have secured the clearance of the China Securities Regulatory Commission for taking majority stake in their China securities joint ventures (JVs). Beijing has been increasingly opening its borders to outside businesses. The approvals arrive as the country is trying to protect its economy during the coronavirus crisis. Goldman has raised its stakes in Goldman Sachs Gao Hua Securities from 33% to 51%, while Morgan Stanley has boosted its ownership in Morgan Stanley Huaxin Securities from 49% to 51%. Having a majority stake of th...