China has cut red-tape for foreign bank branch openings and entry into renminbi business, state media said on Saturday, the latest in a series of measures to liberalize the banking sector. The cabinet revised existing rules on Saturday, abolishing the requirement for foreign-owned and joint-stock banks to inject 100 million yuan ($16.08 million) or an equivalent in other currencies of working capital into a newly opened branch, the official Xinhua news agency reported. This should […]