China Must Open Country To Foreign Banks (C, JPM)

According to this report from Bloomberg, China must open the country to foreign banks, like J.P. Morgan JPM, Citigroup C and others to try to reduce risk, as well as improve resource allocation. In a report obtained by Bloomberg, the American Chamber of Commerce in China said, “China has a system in which foreign banks continue to play an insignificant role,” the Beijing-based chamber said in a report released today. “Robust participation by foreign players in all of China's financial markets would, over time, reduce the risk burden now fully carried by Chinese institutions.” Shares of Citigroup and J.P. Morgan are both fractionally higher on the day.