China has no plan to relax foreign bank rule: HKMA

HONG KONG - China said on Tuesday it had no plans to relax its US$20 billion asset-base threshold for foreign banks wanting to open branches in the country, according to a Hong Kong Monetary Authority (HKMA) spokesman.

But China will allow Hong Kong banks, which do not meet the criterion, to open sub-branches in cities in which they already have a branch operation, the spokesman quoted HKMA Chief Executive Joseph Yam as saying.

Yam made the comment in Beijing after meeting China's vice premier