China announces elimination of foreign ownership restrictions in financial services

China will eliminate foreign ownership requirements in the financial services sector, the Chinese Securities Regulatory Commission announced on Friday. The restrictions have been flagged by U.S. officials as trade barriers. According to a statement from the CSRC , the “foreign exchange ratio of futures companies will be abolished” as of Jan. 1, 2020. Last week White House National Economic Council Director Larry Kudlow said Treasury Secretary Steven Mnuchin had months ago negotiated the phase-out of foreign ownership requirements in the...