China gives Deutsche Bank, BNP Paribas corporate debt underwriting licence

[SHANGHAI] China has issued Deutsche Bank and BNP Paribas "type A" licences which allows them to act as a lead underwriter for corporate debt issued by non-financial institutions, said an industry body under the central bank on Tuesday.

China has been dogged by criticism of its restrictions on foreign banks which have hindered business expansion. The award of the licences to the two banks comes as the country seeks to show progress in opening its markets amid an escalating Sino-US trade war.

At the end of August, six foreign banks sought a "type A" licence, according to a notice posted on the National Association of Financial Market Institutional Investors.

REUTERS