China is raising the hurdles for foreign banks, more than tripling the amount of capital that new entrants to the country must post and limiting the derivatives operations of those already on the ground.
But at the same time, the Chinese regulator also has offered foreign lenders much-desired clarification about how they can sell bonds in the domestic market, issue credit cards and offer overseas investment products to their clients on the mainland.
While Chinese banks have surged ahead in recent years, foreign banks have struggled to get a foothold in China and control less than 2 per cent of the country’s banking assets, lower than in any other major emerging market.
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