New People’s Bank of China Governor Yi Gang pledged to further open the financial markets in the Boao Forum for Asian in China. And some specifics were offered by Yi too.
Firstly, the government will remove foreign ownership caps on Chinese banks by the end of June.
Secondly, foreign securities and life insurance companies will be allowed to hold majority stakes in their Chinese counterparts. That is, ownership could be raised from 49% to 51%. And such restriction will also be abolished in three years.
Thirdly, by the end of June, the permitted business scope for foreign insurance agents will be expanded.
Fourthly, the daily quota for foreign investors to buy Chinese stocks and for Chinese investors to buy Hong Kong traded stocks will be quadrupled.
In addition, by the end of 2018, China will launch a trading link between Shanghai stock markets to London’s.
Separately, Yi also said that China won’t devalue Yuan as part of the moves of trade war with the US.
