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Overseas banks to move into RMB business
By Zhang Dingmin (China Daily)
Updated: 2005-12-06 05:49 Banking sector to open wider
China will continue to encourage
overseas banks to expand business in China as part of efforts to open up the
Chinese market.
Liu said foreign banks may enjoy more relaxed markets entry criteria when
applying for conducting renminbi (RMB)businesses in China's central, western and
northeastern regions.
Addressing a press conference held by the Information Office ofthe State
Council, he said China gave the green light for foreign financial institutions
to do RMB-denominated business in seven more cities, bringing the number of
cities to 25 which open RMB business to overseas banks.
The cities include Shantou, Ningbo, Harbin, Changchun, Lanzhou,Yinchuan and
Nanning.
He said the CBRC once again substantially lowered the minimum operating
capital requirements for foreign banks in China to conduct renminbi business,
and will make adjustments on proportion of the total amount of foreign exchange
deposits taken within Chinese territory by foreign-funded financial
institutions.
He said the aforementioned measures will foster a more favorable policy
environment for foreign banks to develop their business in
China.
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