More foreign banks eye China
China, a hot spot for banking service industry, has allowed over 20 foreign banks to operate in the country with corporate status as of 2007.
By PTI |
BEIJING: China, a hot spot for banking service industry, has allowed over 20 foreign banks to operate in the country with corporate status as of 2007.
The development of the foreign bank business in China is closely related to the development of China's economy, Deng Xianhong, Vice-head of the State Administration of Foreign Exchange, said at a summit on foreign banks where the figures were released.
Top foreign banks, including Citibank, Deutsche Bank, Standard Chartered Bank and Mizuho Corporate Bank, can conduct comprehensive business in foreign currencies and the Renminbi, the Chinese currency, according to the Administration Rules on Foreign Banks.
Deng told the foreign banks to consider the "overall situation" in China and do business in compliance with China's regulations.
Lin Xun, a senior HSBC official said the bank's cooperation with China's domestic banks had been a "win-win" situation, according to Xinhua news agency.
Attracted by the speedy growth in China's banking service industry, more and more foreign banks are showing keenness to set up branches or to get the corporate status tag.
Russia's biggest bank Venshtorgbank opened its first branch in China in Shanghai yesterday.
The development of the foreign bank business in China is closely related to the development of China's economy, Deng Xianhong, Vice-head of the State Administration of Foreign Exchange, said at a summit on foreign banks where the figures were released.
Top foreign banks, including Citibank, Deutsche Bank, Standard Chartered Bank and Mizuho Corporate Bank, can conduct comprehensive business in foreign currencies and the Renminbi, the Chinese currency, according to the Administration Rules on Foreign Banks.
Deng told the foreign banks to consider the "overall situation" in China and do business in compliance with China's regulations.
Lin Xun, a senior HSBC official said the bank's cooperation with China's domestic banks had been a "win-win" situation, according to Xinhua news agency.
Attracted by the speedy growth in China's banking service industry, more and more foreign banks are showing keenness to set up branches or to get the corporate status tag.
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Russia's biggest bank Venshtorgbank opened its first branch in China in Shanghai yesterday.
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