More foreign banks flock to Shanghai
27/8/2003 16:34
Foreign banks are speeding up their paces to tap the Chinese market,
with 184 business operations in the country by the end of July this year, the
Shanghai Morning Post reported today.
Among the 184 foreign business
operations, 151 are branch banks, 16 are foreign-invested legal entities and 21
are representative offices.
Thirty-seven foreign banks in Shanghai, Shenzhen,
Tianjin, Dalian, Guangzhou and Qingdao have been approved to deal in yuan
business after China's entry into the World Trade Organization.
Twelve
foreign banks are allowed to open online banking business to date, and five
foreign branch banks have got the go-ahead to provide custodian services for
qualified foreign institutional investors (QFII) to invest in the domestic
securities market.
Nearly half of the foreign banks in China are allowed to
open all-round foreign exchange business to both corporate and individual
clients.
More foreign banks will get the green-light to deal in yuan
business by December 11 this year, including those in Jinan, Fuzhou, Chengdu and
Chongqing.
Wendy Zhang/ Shanghai Daily news
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