China says No Timetable to Raise Foreign Bank Ownership Caps

http://www.insidearm.com/news/00003449-china-says-no-timetable-to-raise-foreign-/

On one hand, China is heading in the direction of raising caps on foreign ownership in banks. However, on the other, according to Liu Mingkang, head of the China Banking Regulatory Commission and reported by Reuters, China has no timetable for doing so.

The caps are currently set at 25 percent.

The U.S., in the form of Treasury Secretary Henry Paulson, has been pushing China hard in an effort to raise the caps and improve the access U.S. firms have to China’s financial sector. This pushing may or may not be contributing to China’s vague timeline plans.