Rules issued to regulate money brokers

China's banking regulator issued rules on Thursday that will cover the country's first money brokers when they start operations, the Asian Wall Street Journal reported. The China Banking Regulatory Commission said the rules posted on its Website are effective Sept 1, but it didn't say when the first brokers will be allowed to begin operations. The regulator said the first money brokers, which will operate under a pilot program, can be joint ventures between local and foreign companies. Such ventures would help Chinese firms learn from international experience, it said. Money brokers will help improve money-market operations, increase transparency and help develop China's financial markets, the regulator said.