China Suspends Bank Technology Restrictions

China has agreed to delay implementing new bank technology restrictions that Washington has complained represent unfair regulatory pressure on foreign firms, a senior U.S. Treasury official said in Beijing on Monday.

China said this month work was ongoing on a draft anti-terrorism law that would require foreign companies to hand over encryption keys and otherwise facilitate Beijing’s ability to bypass security measures, triggering U.S. protests. It followed an earlier set of draft financial sector regulations that pushes China’s state-owned banks to buy technology from domestic vendors.

Beijing was now “suspending” the regulations that applied to the banks, according to the official, speaking after meetings between U.S. Treasury Secretary Jack Lew and senior Chinese officials, including Premier Li Keqiang.

CNBC

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