Chinese Mandarin - 25 cities opened RMB business to foreign banks

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25 cities opened RMB business to foreign banks

www.chinanews.cn 2005-12-06 13:43:50

Chinanews, Dec. 5 (By Li Peng) - China Banking Regulatory Commission
(CBRC) Chairman Mr. Liu Mingkang announced on Monday that China will
allow foreign-funded financial institutions to develop RMB-related
businesses in Shantou and Ningbo. In the meantime, in order to encourage
participation of foreign-funded financial institutions in China's
development of the western regions and old industrial bases in the
northeast, China will open up Harbin, Changchun, Lanzhou, Yinchuan and
Nanjing to foreign-funded financial institutions ahead of schedule and
allow them to develop RMB-related businesses in these cities. The number
of cities that allow foreign-funded financial institutions to run
RMB-related businesses has increased from 18 to 25 at present.
At a press conference convened by the State Council's Information Office
Monday, Mr. Liu released a series of new policies to further open up
China's banking sector: to appropriately lower the threshold of
circulating capital for foreign-funded financial institutions to operate
RMB-related business, to implement more favorable admittance policies for
foreign-funded banks to operate RMB-related businesses in the central,
western and northeastern regions and encourage and support foreign-funded
banks to set up branches and divisions and operate in the above regions,
and to adjust the proportion of foreign-funded financial institutions'
forex deposit absorption in China's overall forex asset at a suitable
time next year
By the end of October this year, 71 foreign banks have set up 238
operational institutions in 23 Chinese cities, an increase of 43 before
China's entry to the WTO. Mr. Liu said CBRC will not only open up
relevant businesses to foreign-funded banks in keeping with its WTO
promises but has voluntarily opened up qualified foreign institutional
investors (QFII) trust service, insurance service, trust service of
overseas operation of insurance forex capital and trust service of
insurance companies' stock assets.
By the end of October this year, foreign-funded banks in China have a
total asset of USD84.5 billion in the country, accounting for 2% of all
assets of financial institutions in China's banking sector, their
business volume growing more than 30% annually in recent years, making
them an indispensable power in China's banking sector.

          ��Foreign banks get to move in early
       &

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