Source: asiainsurancereview.com

China will continue to open up its financial sector and improve rules for foreign banks and insurers entering the market.

China will improve market access for foreign banks and insurance companies, state media quoted the State Council, which is the Cabinet, as saying, following an executive meeting chaired by Premier Li Keqiang. The country will also improve rules on cross-border exchanges between parents and subsidiaries of financial institutions, the Cabinet said without elaborating.

China will improve its macro-prudential framework to monitor systemic financial risks, the Cabinet said, adding that China will keep the yuan exchange rate basically stable. The financial sector will continue to benchmark itself against international standards with a relatively high degree of openness.