China Embraces Financial Opening Away From Xi-Trump Glare
- Allows UBS control of local JV; Huatai to list in London
- Shares of Chinese banks and securities firms rise on Monday
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China announced a number of steps over the weekend that take the country closer to the promised opening of its financial markets, away from the glare of the high-stakes meeting where Presidents Xi Jinping and Donald Trump called a truce in their trade war.
The moves came quietly and were largely expected, but sent a clear signal that reforming and internationalizing China’s $40 trillion financial sector remains a priority for policy makers. Financial opening had been a sticking point with Trump, who’s accused China of being a one-sided beneficiary of global commerce.