Money brokerage firms have been allowed to enter China's banking market to do business on the inter-bank bond market and inter-bank loan market, China's central bank announced Tuesday.
Brokerage for banks was increasingly needed with the rapid development of inter-bank markets, said sources with the People's Bank of China (PBC).
Participants in the inter-bank businesses market had expanded from commercial banks to non-bank financial institutions and commercial firms.
Their products and services included inter-bank loans, government borrowing, and commercial bank, financial and company bonds.
Money brokerage firms would provide finance market information and broker deals concerning financial products.
(Xinhua News Agency July 12, 2006)
