People's Bank of China to allow new business for financial institutions

The People's Bank of China (PBOC) has announced that it will support financial institutions exploring new ground like intermediate businesses and internet-related banking services. In accordance with the Commercial Bank Law of the People's Republic of China, PBOC, the PRC's central bank, has the right to determine the scope of new businesses that financial institutions can pursue. It is thought that the likely relaxation in accepted business is to help Chinese financial institutions to face the challenges expected from the PRC's entry to the WTO.

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