China further opens up RMB business
( 2003-12-01 14:18) (Xinhua)
China started implementing two new measures of opening RMB business to foreign banks as of Monday, announced Liu Mingkang, chairman of the China Banking Regulatory Commission (CBRC), Monday.
 According to Liu, four more Chinese cities - Jinan, Fuzhou, Chengdu, and Chongqing - are added to the list of cities allowing foreign-funded banks to deal with RMB business.
The nine cities previously designated for foreign banks RMB business were Shanghai, Shenzhen, Tianjin, Dalian, Guangzhou, Zhuhai, Qingdao, Nanjing, and Wuhan.
Secondly, eligible foreign banks are granted to provide RMB business to Chinese enterprises, compared with former practice of allowing RMB business only to overseas enterprises, said Liu.
Liu called the two moves "historical steps" in China's opening up of its banking sector, offering great potentials for foreign banks to explore local currency businesses.
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