China approves three private banks: regulator
Shanghai (AFP) July 25, 2014 - China has approved the setting up of three private banks, including one by Internet giant Tencent, the industry regulator said Friday, in a long-awaited economic reform aimed at bringing competition to state banking giants. Previously, China had just two privately-owned banks, Minsheng Bank and Ping An Bank, according to state media. The China Banking Regulatory Commission (CBRC) said it ... more
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