China to allow private banks, liberalize deposit rates

China intends to allow the creation of five privately-owned banks on a trial basis. Alibaba Group plans to apply for a license in partnership with China Wanxiang Holding, while Tencent is also set to participate in the experiment.

The trial is part of China's strategy to increase the role of the markets as it looks to carry out major economic reform. In another measure, the People's Bank of China plans to liberalize deposit rates in one to two years.

Comments (0)
Be the first to comment
DJIA (DIA) S&P 500 (SPY)
ETF Screener: Search and filter by asset class, strategy, theme, performance, yield, and much more
ETF Performance: View ETF performance across key asset classes and investing themes
ETF Investing Guide: Learn how to build and manage a well-diversified, low cost ETF portfolio
ETF Selector: An explanation of how to select and use ETFs