China Plans FX Liberalization, Tax Hikes
EMERGING MARKETS
BEIJING--China is preparing for a shake-up of its foreign banking sector, the main providers of foreign exchange to the country.
The changes to the present system are partly to inject greater liquidity into the interbank market and partly to prepare the way for the country’s accession to the World Trade Organization this year.
The central bank met last week to decide when to raise taxes on foreign banks’ earnings this year to the levels of its domestic banks. Foreign banks have a 15 per cent
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