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Foreign banks get green light in China

Foreign banks get green light in China

(21 March 2007 – China) The China Banking Regulatory Commission has given Citigroup, HSBC, Standard Chartered and Bank of East Asia permission to become locally incorporated businesses. This means the four foreign banks can start offering banking services in yuan, targeting the US$2 trillion Chinese retail deposits market.

The four banks must register with industry and commerce authorities before launching their yuan and foreign currency services.

More foreign banks are expected to incorporate locally this year as China further opens its banking markets to international players as part of its World Trade Organisation obligations.

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