Foreign Bank Yuan Services Expanded To Four
More Chinese Cities
The China Banking Regulatory Commission has moved to
allow foreign banks to offer Chinese yuan services in
four more Chinese cities beginning from December 1.
The four cities are Jinan, Fuzhou, Chengdu and Chongqing.
Yuan services, especially yuan lending, are important
for foreign companies which want to expand their investments
in China. Before China joined the WTO in December 2001,
these services were only offered by China's banks, but
now foreign banks in nine Chinese cities offer these services.
According to the official news agency, Xinhua, China
has approved 37 foreign banks to operate yuan services
and 12 foreign banks to offer online banking in China.
Foreign banks registered 184 business institutions in
China by the end of July, including 151 branches and 21
representative offices. Representative offices are not
allowed to offer or refer banking services.
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