Controversial bank tech rules suspended in official notice

Beijing has suspended bank-technology rules that included requirements for firms in China turn over proprietary source code and encryption keys, The Wall Street Journal reported, citing an official notice issued jointly by China Banking Regulatory Commission and the Ministry of Industry Information Technology. Business groups from the US, Japan and Europe said foreign tech companies would be effectively pushed out of the market by the rules, which authorities had pushed amid rising mistrust between the US and China over cybersecurity issues. At least for now, the suspension removes an irritant in trade ties ahead of of a period of high-profile diplomacy between the two countries this summer.