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Goldman Sachs, Morgan Stanley get nod to up stakes in Chinese JVs – Reuters

The China Securities Regulatory Commission approved the plans of Goldman Sachs Group Inc. and Morgan Stanley to increase their stakes in their respective Chinese securities joint ventures, Reuters reported, citing statements from both U.S. lenders.

Goldman Sachs will raise its holding in Goldman Sachs Gao Hua Securities to 51% from 33%, while Morgan Stanley will increase its stake in Morgan Stanley Huaxin Securities Co. to 51% from 49%, according to the report.

The majority ownership in the joint ventures may enable the U.S. banks to grow their businesses in China and mesh them with their operations across the globe.

The approvals come as Chinese lawmakers and authorities seek to boost efforts to protect the local economy amid the coronavirus outbreak.