BEIJING (Reuters) - China’s banking and insurance regulator issued rules on Friday requiring the country’s trust firms to clean up their non-finance subsidiaries and businesses. The rules, aimed at curbing financial risks, also require trusts to stop setting up new non-finance units and making new investments in offshore companies, according to a statement from the China Banking and Insurance Regulatory Commission (CIRC). Trust firms will have a grace period of three years to comply with the rules, according to the statement. Reporting by Cheng Leng and Ryan Woo; Editing by Christian Schmollinger Our Standards: The Thomson Reuters Trust Principles.