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China Market-Opening Pledge Yields JPMorgan Opportunity

Ian Katz and Cathy Chan, Bloomberg News
May 4, 2012
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China raised the ceiling on foreign banks’ investments in securities ventures for the first time in more than a decade after two days of talks with the U.S. overshadowed by wrangling over activist Chen Guangcheng.
 
China agreed to let foreign companies raise their stakes in joint ventures with domestic securities firms to as much as 49 percent, according to a joint statement released after annual Strategic and Economic Dialogue talks in Beijing today. The current maximum is 33 percent. It will allow similar stakes in futures brokers.
 
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