Reports in Chinese state media Xinhua on Saturday that China has cut red-tape for foreign bank branch openings and entry into renminbi business
The cabinet revised the existing rules on Saturday
- Abolished the requirement for foreign-owned and joint-stock banks to inject 100 million yuan ($16.08 million) or an equivalent in other currencies of working capital into a newly opened branch
- new rules to take effect from January 1
Xinhua says this should speed up the approval process
More detail at Reuters
