China has issued Deutsche Bank and BNP Paribas licenses which allow them to act as a lead underwriter for corporate debt issued by non-financial institutions.
Deutsche Bank and BNP Paribas has obtained «type A» licenses in China, letting them act as lead underwriter for corporate debt by non-financial institutions, said an industry body under the central bank on Tuesday.
The award of the licenses to the two banks signals that the country's progress in opening its markets amid an escalating Sino-U.S. trade war. In May, China announced a dozen new measures to further open up its $44 trillion financial sectors to foreign banks and insurers.
Six Foreign Banks Applied
One measure is the exemption of foreign banks from having minimum assets of $20 billion in order to apply to open a branch in China, according to a CBIRC notice.
As at the end of August, six foreign banks sought a «type A» license, according to a notice posted on the National Association of Financial Market Institutional Investors (NAFMII).
