China set to remove ownership cap on financial firms starting next year

This could be in part what is helping stocks to rally further

The Chinese Securities and Regulatory Commission has announced that they will scrap foreign ownership limit on futures companies starting from 1 January 2020.

Meanwhile, they will also remove the foreign ownership limit on fund management firms from 1 April 2020 and a similar cap on securities companies from 1 December 2020.
This is part of the opening up process and is welcome news for risk even if it comes at a time when markets are waiting on the outcome of trade talks.
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