China to ease business curbs for foreign banks

China will relax requirements for foreign banks to take retail yuan deposits and allow them to do business in government bonds, the

banking regulator said on Wednesday, in its latest move to open up the financial sector.

For decades, China has carefully controlled the activities of foreign banks in a bid to protect domestic players, with foreign banks' share in a fast-growing market falling to just 1.4 percent.

The China Banking Regulatory Commission said it would also abolish a “waiting period” for foreign banks to start doing yuan business and adjust requirements on operating capital management.