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China to Allow First Privately-Owned Banks

China said it will allow the first privately-owned banks to operate in the country this year as part of efforts to reform and open the banking sector. Following through on reform plans announced at a major Communist Party meeting in November, the China Banking Regulatory Commission announced Tuesday investors will be allowed to own and operate up to five banks in a closely supervised pilot project.  Ownership will be restricted to Chinese citizens, with foreign investment being...

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