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Article 31 A foreign bank branch may, in accordance with the scope of business approved by the banking regulatory agency of the State Council, engage in part or all of the following foreign exchange businesses, and RMB businesses provided to customers other than Chinese citizens within the territory of China:

(1) receiving deposits from the general public;

(2) granting short-term, medium-term and long-term loans;

(3) handling acceptance and discounting of negotiable instruments;

(4) buying and selling government bonds and financial bonds, buying and selling foreign currency securities other than stocks;

(5) providing letter of credit services and guaranty;

(6) handling domestic and foreign settlements;

(7) buying and selling foreign exchange and acting as an agent for the purchase and sale of foreign exchange;

(8) acting as an agent for insurance companies;

(9) engaging in inter-bank lending;

(10) providing safe deposit box services;

(11) providing credit information services and consultancy services; and

(12) other businesses approved by the banking regulatory agency of the State Council.

A foreign bank branch may receive a time deposit of not less than 1 million yuan (US$126,580) for each time from the Chinese citizens within the territory of China.

A foreign bank branch may, with the approval by the People's Bank of China, engage in foreign exchange settlement and sale businesses.

Article 32 Civil liabilities of a foreign bank branch and its sub-branches shall be borne by its parent bank.

Article 33 A foreign bank representative office may engage in the non-operational activities relating to the businesses of the foreign bank it represents, including, among other activities, liaison, market research and consulting activities.

Civil liabilities incurred by a foreign bank representative office in its activities shall be borne by the foreign bank it represents.

Article 34 An operational foreign-funded bank applying to engage in the types of RMB businesses within the scope of business as prescribed in article 29 or 31 of these regulations, shall satisfy the following requirements and be subject to the approval by the banking regulatory agency of the State Council:

(1) having opened business within the territory of the People's Republic of China for at least three years prior to the application;

(2) having been profitable for two consecutive years prior to the application; and

(3) other prudential requirements prescribed by the banking regulatory agency of the State Council.

Where a foreign bank branch changes into a wholly foreign-funded bank solely funded by its parent bank, the time limit as prescribed in subparagraph (1) or (2) of the preceding paragraph shall be calculated starting from the date when the foreign bank branch is established.

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