China might shut out foreign banks from derivatives markets

09/3/2009 | Wall Street Journal, The

China's biggest commercial banks are pushing strict credit demands that might effectively shut out foreign financial institutions from the country's rapidly expanding derivatives markets, sources said. The rules would require banks to sign master agreements to trade with one another as counterparties. The Chinese banks, including Bank of China and Industrial and Commercial Bank of China, are insisting that their foreign rivals offer a credit guarantee for their Chinese divisions before such agreements are signed.

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Wall Street Journal, The

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