Taiwan will ease rules to allow Chinese banks to buy bigger stakes in local banks and permit more Chinese firms to invest in its financial industry, the island’s financial regulator said on Monday, marking a major advance in cross-strait ties.
Taiwan will allow mainland banks to buy as much as 15 percent in unlisted local bank and financial holding companies, the China Banking Regulatory Commission (CBRC) and the Financial Supervisory Commission (FSC) said in a joint briefing.
The stake allowed to be invested in a financial holding’s banking unit will be raised to 20 percent. The rules will take effect in 60 days.
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Faith Hung, Reuters via CHINA US Focus http://feedproxy.google.com/~r/ChinaUsFocus/~3/mQIjAVNPm4c/
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