Nation issues rules on foreign-funded banks
(China Daily)Updated: 2006-11-17 08:41
In special circumstances, the new shareholder may be exempted from the provisions of subparagraph (2) of article 10 or subparagraph (2) of article 11 of these regulations with the consent of the banking regulatory agency of the State Council.
Chapter III Scope of Business
Article 29 A wholly foreign-funded bank or a Chinese-foreign joint venture bank 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 and RMB businesses:
(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 settlement;
(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) engaging in bank card business;
(11) providing safe deposit box services;
(12) providing credit information services and consultancy services; and
(13) other businesses approved by the banking regulatory agency of the State Council.
A wholly foreign-funded bank or a Chinese-foreign joint venture bank may, with the approval of the People's Bank of China, engage in foreign exchange settlement and sale businesses.
Article 30 A branch of a wholly foreign-funded bank or a Chinese-foreign
joint venture bank shall conduct business within the business scope authorized
by its parent bank and the branch's civil liabilities shall be borne by its
parent bank.
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