U.S. Markets open in 1 hr 22 mins

UPDATE 1-China says it will continue to open up financial sector

·1 min read

(Adds details)

BEIJING, July 21 (Reuters) - China will continue to open up its financial sector and improve rules for foreign banks and insurance firms entering the market, state media quoted the cabinet as saying on Wednesday.

China has stepped up efforts to open its financial sector to help lure in more foreign investment and shore up the economy, amid rifts with the United States.

China will improve market access requirements for foreign banks and insurance companies, state media quoted the cabinet as saying.

The country will also improve rules on cross-border exchanges between parents and subsidiaries of financial institutions, the cabinet said without elaborating.

China will improve its macro-prudential framework to monitor systemic finiancial risks, the cabinet said, adding that China will keep the yuan exchange rate basically stable.

It will maintain steady growth in imports and exports in the second half, the cabinet added. (Reporting by Colin Qian and Kevin Yao; Editing by Toby Chopra)