(7 September 2004 – China) ANZ’s Shanghai branch has been given permission to begin trading in Renminbi (RMB) by the China Banking Regulatory Commission.The extension of the bank’s license allows it to expand the trade related services it can provide Chinese owned businesses. Foreign banks were only recently allowed to trade with local enterprises.
“The expanded license allows ANZ to provide local currency financial services to selected Chinese owned enterprises with a focus on those that import from Australia and New Zealand,” president of ANZ China Andrew McGregor said.
“In particular, we can now provide the option to finance trade in RMB as well as US dollars,” he said.
McGregor said these enterprises were driving China’s commercial and industrial sectors and were already major trading partners for Australia and New Zealand.
“The license will also assist us in providing additional services such as in-country trade structures to our Australian and New Zealand clients doing business in China.
“It is a further opportunity to support the Chinese government’s efforts to develop the financial services market in China,” he said.