Source: CCTV.com
05-14-2007 11:17
The first batch of the four foreign banks being allowed for RMB business, including Bank of East Asia, HSBC, Standard Chartered and Citibank, have been active by the end of April. In Shanghai alone, branches of the four banks absorbed RMB savings of 4.3 billion yuan in April, over 2/3 of all foreign banks in the city.
The four banks have just started their RMB business in 7 major cities including Beijing and Shanghai, on April the 23rd.
Meanwhile, RMB loans were growing rapidly. The Shanghai branches of foreign banks lend out 7.2 billion yuan in April, up 160 percent.
China decided to allow foreign banks to conduct RMB business in December, 2006, but they are required to be locally incorporated.
At present, second-tier foreign banks have started to apply for RMB business. Nanyang Commercial Bank, Citickawabank and United Overseas Bank are planning to submit applications, while Hangseng Bank, and Japan's Mizuhobank are waiting for the government approval.
Editor:Chen Ge