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According to well-informed sources, China could approve four brokerage firms to enter the interbank foreign exchange market as of this month.
Foreign sources cited people familiar with the case saying that the four brokers include CITIC Securities (06030), China Merchants Securities, Huatai Securities (06886) and Zhongtai Securities. SAFE conducts on-site inspections to prepare for approval.
This initiative will give these brokers more opportunities for business development, and China plans to further open the domestic market to foreign financial institutions, making it more urgent to expand local brokerage business .
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