Wendy Zhang/ Shanghai Daily news

Fourteen foreign banks in Shanghai increased their yuan-denominated operational funds by a total of 1.424 billion yuan (US$176 million) last year, in preparation for the comprehensive opening of the Chinese banking sector by the end of this year.
The domestic banking sector is expected to be fully open to foreign investors and foreign banks will be permitted to conduct yuan-denominated business for individuals. 
Last year, 14 foreign banks in the city applied for a combined increase of 2.148 billion yuan in their yuan-denominated operational funds, and after approval by the China Banking Regulatory Commission, they have actually added funds of 1.424 billion yuan.
The banks have also invested more in their Chinese businesses by offering financial products linked to interest rates, exchange rates and various indices, and have applied for licenses to launch treasury bond sales, insurance and fund businesses. By the end of last year, foreign banks in Shanghai had combined assets of US$48.433 billion, an increase of 25.87 percent from a year earlier, with the growth rate itself being up 10.65 percentage points year-on-year.