July 26, 2019 / 9:23 AM / 5 months ago

China central bank issues draft rules on financial holding firms

BEIJING, July 26 (Reuters) - China’s central bank issued draft rules on financial holding companies on Friday, setting minimum asset requirements and banning them from non-financial business activities.

Draft rules published by the People’s Bank of China also give the central bank the power to order financial holding firms to rescue affiliated companies through capital injections or equity transfers. The PBOC would review all applications for setting up new financial holding firms under the draft rules. (Reporting by Beijing Monitoring Desk and Leng Cheng; writing by Se Young Lee; Editing by Nick Macfie)

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