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China's financial regulators have formally agreed to allow banks to invest in insurance firms, removing one of the barriers between the two sectors.
Published on January 22, 2008
The move would help to improve the overall competitiveness and risk management capacity of China's financial industry, the China Banking Regulatory Commission (CBRC) said in a statement on its Web site on Tuesday.
Under a memorandum of understanding that the CBRC signed with the China Insurance Regulatory Commission on Jan. 16, insurers are also permitted to buy into banks.
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