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Hang Seng FX'ing in the mainland

Hang Seng FX’ing in the mainland

(Hong Kong) - HSBC's 62 percent owned Hang Seng Bank unit, Hong Kong's third biggest lender, has won approval for another of its branches to deliver foreign currency services to mainland Chinese customers. The licence has been granted for the Bank's branch in China's southern city of Shenzhen, following earlier approvals for its Shanghai and Guangzhou branches.

Although foreign currency trade is currently small, these new licences are a move toward a larger yuan currency banking market in the country.

The Government has promised to allow foreign banks to take yuan deposits from Chinese corporations in two years and from individuals in five years, with banks currently licensed to execute FX trades in the mainland being Citibank, Bank of East Asia, HSBC, Wing Hang Bank and Xiamen International.

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