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China Banking and Insurance Regulatory Commission Chairman Guo Shuqing was on the wires last hour, via Reuters, noting that China will further open up its banking and insurance sectors.

Additional Comments:

Plans to soon issue 12 new measures.

That includes cancelling a requirement for foreign banks to have $10 billion in assets before being allowed to set up a legal entity in China and removing approval procedures for foreign banks to conduct Yuan business.

Plans to remove a requirement for foreign banks to have $20 billion in assets before being able to set up a branch.