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China to delay bank tech 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. Another set of financial sector regulations would push China’s state-owned banks to buy technology from domestic vendors.

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