The move is a further sign of how China in some ways is opening to foreign sources of capital.

Foreign asset managers can buy a controlling stake in wealth management ventures which they enter into with Chinese banks or subsidiaries of local insurers, Caixin Global, the news service, reported. It cited official spokespersons for its story.

It is unclear which agency will oversee the wealth management firms that foreign asset managers control, the report, which is behind a registration paywall, said.

The move would mean that China is relaxing the restrictions currently in place, the report said.

Such a move would let overseas companies underwrite all types of financing tools in the interbank market, the report said.

China has taken several measures to increase foreign firms’ access to its once heavily-protected marketplace, as the Asian giant seeks to draw in overseas capital. Moves have included Hong Kong-mainland stock market linkups, admission of more mainland Chinese equities into indices such as those of MSCI, and loosening rules about foreign ownership of investment businesses.