(China) – China is keeping its promise to open its banking sector to international players, meeting its obligations to the timetable set in its WTO agreement according to the Bank’s Governor.China is continuing its banking reforms including establishing an international acceptable banking supervision standard, accelerating reforms of state-owned commercial banks to improve their competitiveness, and protecting the stability of the Renminbi.
As at the close of 2001, foreign financial institutions had established 214 representative offices and 190 business institutions in China, with combined assets of US$45.2 billion, with 31 foreign banks having received ratification to deal in the local currency.