China will remove business restrictions on foreign banks, brokerages and fund management firms, a cabinet meeting chaired by premier Li Keqiang on Wednesday said, according to state television.
China has stepped up efforts to open its financial sector amid a festering trade war with the United States, with increased access to its financial sector among a host of demands from Washington.
The country caught traders off-guard with a surprise injection into the financial system via loans to banks, ahead of data on Friday which is expected to show a further slowdown in the domestic economy.
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