New measures to further open up RMB business
( 2003-12-01 11:40) (Xinhua)
China started implementing two new measures of
opening RMB business to foreign banks as of Monday, announced Liu Mingkang,
chairman of the China Banking Regulatory Commission (CBRC), Beijing Monday.
According to Liu, four more Chinese cities, including Jinan, Fuzhou, Chengdu,
and Chongqing, are added to the list of cities allowing foreign-funded banks to
deal with RMB business.
The nine cities previously designated for foreign banks RMB business were
Shanghai, Shenzhen, Tianjin, Dalian, Guangzhou, Zhuhai, Qingdao, Nanjing, and
Wuhan.
Secondly, eligible foreign banks are granted to provide RMB business to
Chinese enterprises, compared with former practice of allowing RMB business only
to overseas enterprises, said Liu.
Liu called the two moves "historical steps" in China's opening up of its
banking sector, offering great potentials for foreign banks to explore local
currency businesses.
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