Mumbai: China has urged India to open its market for Chinese banks. It says transactions between the financial communities of the two Asian neighbours would play a positive role in the economic development of the two countries and the region.

Wu Xiaoling, deputy governor, People''s Bank of China, told reporters in Mumbai on the sidelines of an Indian Banks'' Association (IBA) conference that while no Chinese banks were present in India, Indian banks were operating in China.

Wu said that two branches of Indian banks and 11 representative offices were operating in China.

She said, exchanges between the financial communities of the two Asian neighbours would play a positive role in increasing co-operation, promoting the development of the financial services sectors as well as bilateral trade.