Top Biz News

Banks get 5-year grace period

By Zhang Ran (China Daily)
Updated: 2006-11-23 08:33

To implement China's banking commitment to the World Trade Organization, the Chinese Government has been working on rules to allow foreign-funded banks to deal with renminbi retail business after December 11.

Wang Zhaoxing, assistant chairman of the China Banking Regulatory Commission said last week that foreign banks could enjoy "national treatment" in the banking business after the two rules become effective on December 11.

In order to better protect the interests of domestic depositors, the Chinese Government is encouraging foreign banks to incorporate locally when dealing in renminbi retail business.

(China Daily 11/23/2006 page9)