The door to China just opened a bit wider: in May China's
Banking and Insurance Regulatory Commission (CBIRC) announced a
series of measures to further liberate financial markets.
Existing caps for foreign investments in local commercial banks
will be removed, and foreign financial institutions will be
allowed to establish insurance companies without the
requirement of a Chinese majority. A previous requirement that
foreign financial institutions have minimum assets of $20
billion to open a branch in China will also be relaxed by the
end of 2019. These measures are part of the wider initiative to
open up the country's financial markets to the...