Goldman Sachs granted licence for China fund sales

By Selena Li

HONG KONG (Reuters) – Goldman Sachs received regulatory approval to sell funds in China, the latest U.S. investment bank to get a financial licence in a sign of Beijing’s commitment to continue opening up the sector to foreign companies.

The Beijing Bureau of China Securities Regulatory Commission (CSRC) granted a fund sales licence to the U.S. bank’s Chinese securities brokerage unit on Friday, an official record shows.

The approval comes after China’s top economic and financial leaders recently voiced continued support to international companies’ China expansion.

The CSRC granted rival U.S. investment bank Morgan Stanley (NYSE:) a futures licence in China last month.