China takes a big step to open its financial markets

London (CNN Business)A foreign bank has been given access to a key piece of China’s financial system for the first time.

Standard Chartered (SCBFF) said Monday that it is the first foreign lender to receive permission to hold and safeguard the assets of local investors in China.
The license granted by the China Securities Regulatory Commission allows the bank to act as a custodian for investment products sold by both international and local asset managers and funds.

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