Foreign banks face hurdle in domestic market

Foreign banks may face a higher threshold for registered capital to enter the nation's market, under draft rules proposed by the China Banking Regulatory Commission.

Wholly foreign-owned or joint-venture banks will need at least 1 billion yuan ($163.37 million) in registered paid-in capital, compared with 300 million yuan at present.

The draft raises the bar for stakeholders of foreign banks, which must have experience in international finance and have gained the financial authorities' approval in their own countries.