News doing the rounds on an internal People's Bank of China citing "people familiar with the matter"
PBOC to draft a package of reforms
- To give foreign investors greater access to China's financial services industry
- Tuesday's meeting is to discuss its proposals, get feedback from Chinese institutions, discuss a timetable
- plan details not yet final
Proposals include
- permission for foreign institutions to control their local finance-sector joint ventures
- raising the current 25% limit on foreign ownership in Chinese banks
- allow foreign firms to provide yuan-denominated bank card clearing services
China Banking Regulatory Commission also involved
