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China will allow three to five fully private banks to be set up this year as part of efforts to further open up the sector, the banking regulator said. At a work conference on Monday, the China Banking Regulatory Commission (CBRC) said it will allow private capital either to take part in restructuring existing banks or set up new ones at their own risk, according to a statement. "The first batch of three to five private banks will be set up on a trial basis," the CBRC said, adding they will be approved when conditions are "mature". Senior bank officers must be approved by the CBRC.
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