China opens bank sector to brokers (Xinhua) Updated: 2006-07-12 09:22
Money brokerage firms have been allowed to enter China's banking market
to do business on the inter-bank bond market and inter-bank loan market, China's
central bank announced Tuesday.
Brokerage for banks was increasingly
needed with the rapid development of inter-bank markets, said sources with the
People's Bank of China (PBOC).
Participants in the inter-bank businesses
market had expanded from commercial banks to non-bank financial institutions and
commercial firms.
Their products and services included inter-bank loans,
government borrowing, and commercial bank, financial and company bonds.
Money brokerage firms would provide finance market information and
broker deals concerning financial products. (For more biz stories, please visit Industry Updates)
|