Over 20 foreign banks open branches in China

February 27th, 2008 - 5:35 pm ICT by admin  

Shanghai (China), Feb 27 (Xinhua) More than 20 foreign banks opened branches to operate on the Chinese mainland with corporate status in 2007, according to data released here during a summit on foreign banks. The banks, including Citibank, Deutsche Bank, Standard Chartered Bank and Mizuho Corporate Bank, may conduct businesses in foreign currencies, including Renminbi, the Chinese currency.

“The development of the foreign bank business in China is closely related to the development of China’s economy,” said Deng Xianhong, vice head of the state administration of foreign exchange.

He suggested that foreign banks consider “the overall situation of China” and “do business in compliance with China’s regulations”.

Lin Xun, a senior official of the Hongkong and Shanghai Banking Corporation (HSBC), said the bank’s cooperation with China’s domestic banks had been a win-win situation.

Fast growth in China’s banking service industry has meant that more foreign banks are willing to set up branches here or gain corporate status.

The most recent case involved Vneshtorgbank, Russia’s biggest bank, which opened its first Chinese branch in Shanghai Tuesday.

These banks mainly carry out foreign exchange business and only offer Renminbi services to companies and institutional clients.

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