“The Bank of England has set out tougher proposals for non-EU banks to try to prevent a repeat of the 2008 financial crisis.
Non-EU banks wanting to take deposits would have to set up subsidiaries in the UK and face stricter rules.
These would then be directly regulated by the UK's Prudential Regulatory Authority (PRA).
Those not taking deposits from the public would be classified as branches, and benefit from lighter touch rules.
The Bank is hoping many Chinese banks will use the branch system and that the City of London will become a major hub for trading the yuan currency outside China.”
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