The draft regulation from the People’s Bank of China will be finalised after feedback is received by late August. Photo: Bloomberg
China’s central bank issues draft rules on financial holding companies in move to rein in risk
- Firms with two types of financial business must apply for licence within six months of regulation taking effect and have US$726 million registered capital
- People’s Bank of China says ‘regulatory vacuum has led to risk accumulation and exposure’
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China economy
The draft regulation from the People’s Bank of China will be finalised after feedback is received by late August. Photo: Bloomberg