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"China is the world's second-largest luxury market, and we are delighted to have such a respected partner. This partnership addresses the market's challenges by combining the Farfetch brand and curation with the scale and influence of the foremost Chinese e-commerce giant," said Jose Neves, CEO of Farfetch, which raised 0 million in 2016 in a Series F round of funding.

"China opens tremendous opportunities for us. It has become one of our fastest growing markets globally," Mueller said.

"By making this adjustment, the regulator hopes that banks will fully expose their non-performing loans and truly disclose their risk situation with more accurate capital adequacy ratios and coverage ratios of allowance for loan impairment losses to NPLs. It will be favorable for them to write off and resolve bad assets," said Xiong Qiyue, a research fellow at the Institute of International Finance at Bank of China Ltd.

"China has seen stable market expectations and orderly flows of cross-boarder capital so far this year," the central bank said.

"China now is the biggest trading partner for 124 countries, while the United States is the biggest trading partner for 58 countries, and parents see the growing influence of China economically and culturally," he said.