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SED agreements open up China's financial sector

By Diao Ying (China Daily)
Updated: 2008-12-05 18:13

Special coverage: China-US Strategic Economic Dialogue Related readings:  China, US end SED with "important consensus"  Paulson gives address to end 5th China-US SED  SED has achieved a lot  Upcoming SED talks more crucial than ever

During the fifth Strategic Economic Dialogue (SED), China and the United States reached agreements on a number of issues resulting in a further opening of China's financial service sector.

Foreign incorporated banks in China will be allowed to trade bonds in the inter-bank market in China, both for their customers or their own accounts, on the same basis as Chinese invested banks. This will open up market opportunities for US banks that were previously limited only to Chinese banks.

China's State Administration of Foreign Exchange will allow foreign banks to increase their liquidity through either guarantees or foreign currency loans from overseas affiliates on a temporary basis, notwithstanding foreign currency debt quotas. This will help maintain investor and depositor confidence so that US banks can continue to grow their businesses in China.