China Regulator Opens Way for Macau Banks to Set Up on Mainland

(Bloomberg) -- China will support and encourage Macau banks to set up branches on the mainland as part of efforts to stimulate the region’s economic and financial development, the China Banking and Insurance Regulatory Commission said in a statement on its website Friday.

Mainland financial leasing firms are now also allowed to operate in Macau, according to the statement. The regulator announced on Dec. 16 that Chinese insurers could invest in the special administrative region.

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