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Economy

China to ease limits on foreign ownership in financial sector

Central bank chief says 51% stake to be allowed by June, 100% in three years

People's Bank of China Gov. Yi Gang speaks at the Boao Forum for Asia in Qionghai, Hainan Province in China on April 11.   © Reuters

BOAO, China -- Foreign ownership of securities brokerages and life insurance companies in China will be allowed to exceed the current 50% maximum limit from June, with full ownership possible in three years, People's Bank of China Gov. Yi Gang said on Wednesday.

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