China mulls ‘end to foreign ownership limits’ on financial firms

• PBOC governor Yi Gang said he supports Shanghai-based pilot scheme that will scrap foreign ownership limits in firms providing securities and fund management services

• Top financial regulators outline measures to broaden market access, remove barriers

Top financial regulators highlighted capital market reform plans, including a key concession long-sought after by US trade negotiators that would remove the limit on foreign ownership of domestic financial institutions, as they gathered in Shanghai to discuss how to address internal and external challenges.

Yi Gang, governor of the People’s Bank of China, said the central bank would support a pilot programme based in Shanghai to remove the foreign ownership limit in firms providing securities and fund management services.

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