Chinese authorities have come to a consensus on a trial scheme for private banks, the China Securities Journal reported Tuesday. The minimum capital requirement is set at 500 million (US$81.975 million) to 1 billion yuan. In addition, shareholders are required to be private investors. A trial scheme will be discussed at the third plenary session of the Communist Party scheduled for Nov. 9 to 12, with the first batch of private banks expected to be named by early next year, the report said.
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