Select a page

Banking News

Foreign banks gain greater access to China market

Foreign banks gain greater access to China market

(13 December 2006 – China) The China Banking Regulatory Commission has given its approval to international banks HSBC, Standard Chartered and Citigroup allowing them to provide certain yuan services to Chinese citizens. HSBC will offer limited yuan services in nine cities across China whilst Standard Chartered will do the same at seven city branches on the mainland.

Citigroup has received a similar license from the Chinese regulator but has yet to elaborate on how the US bank will use it.

The move comes as part of China’s World Trade Organisation commitment to freeing up its financial markets to foreign investors and is a precursor to foreign banks being awarded licences to start operating as local banks.

Being awarded local bank status means there will be no limits on the amount of deposits the likes of HSBC, Standard Chartered and Citigroup can take. They can also begin issuing credit cards.

Comment on this article


Your comments will not be published. Required fields are marked *


Please enter the word you see in the image below:


Subscribe to our mailing list

Sign up now to keep up-to-date with the latest
market news and insights in B2B banking.

* indicates required

For more information please read our Terms and Conditions and Privacy Statements.