China opens up finance sector to foreign investors

The Chinese financial regulators recently approved several offshore finance institutions to set up new business entities in China as part of the plans to open up financial sector to foreign investors. The China Securities Regulatory Commission gave Singapore-based DBS Group the green light on Aug 27 to set up DBS Securities (China) Ltd, a joint-venture in which DBS Group has a controlling stake. DBS Securities will engage in brokerage services, securities investment consulting, securities underwriting and proprietary trading for domestic and foreign clients. On the same day, the CSRC granted a domestic fund custodian license to Citibank (China) Co Ltd, which became the first United States...