China's securities regulator, along with seven other departments, has launched a two-year campaign to eliminate illegal cross-border securities and futures operations. The initiative strictly prohibits overseas institutions from offering account opening and trading services within China in any form. This comprehensive effort involves collaboration across various regulatory bodies, including those for foreign exchange, banking, and cybersecurity, aiming to thoroughly cleanse the domestic market of such illicit activities. AI
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RANK_REASON Significant regulatory action by a major government body impacting cross-border financial services. [lever_c_demoted from significant: ic=1 ai=0.1]