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China Reforms May Mark Start of Financial ‘Big Bang’

China may be on the cusp of a “big bang” as it allows foreign investors increased access to its domestic capital markets, according to Nomura Holdings Inc.

The People’s Bank of China said yesterday overseas financial institutions will be allowed to invest yuan holdings in the nation’s interbank bond market in a pilot program to spur currency flows from abroad. The currency is also known as the renminbi, or RMB.