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China pledges to allow more foreign investment in financial sector by year-end

  • PBOC Governor Yi Gang said that China will allow foreign firms to compete on an equal footing with domestic companies in the sector.
  • The central bank also confirmed it wants to set up a planned trading link between its stock markets and London by end-2018.
  • China will raise foreign ownership limits to 51 percent in securities, fund management, futures and life insurance companies "over the next few months."

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