China allows int’l brokers

Shanghai, August 12:

China’s banking regulator has issued rules on money broking that allow qualified international brokers to set up operations with local partners. The rules, issued by the China Banking Regulatory Commission on Thursday and reported by state media on Friday, allow for trial operations by international money brokers with more than 20 years of professional experience

and two years in China but require them to find local joint venture partners. Money brokers facilitate deals in trading of bonds, certain commodities and currencies, playing a crucial role in most money markets.