Four foreign banks launch yuan services in China

Four foreign banks launch yuan services in China
Four foreign banks launch yuan services in China

04/23/2007, 03:43     [Xinhua Financial Network (XFN) News]    


SHANGHAI (XFN-ASIA) - Four foreign banks in China said they will start providing a range of yuan services today to domestic customers after receiving regulatory approval. The four banks are HSBC Bank (China) Co Ltd,  Bank of East Asia (China) Co Ltd, Citibank (China) Co Ltd and Standard Chartered Bank (China) Ltd. HSBC Bank said it obtained confirmation from the China Banking Regulatory Commission (CBRC) to begin providing yuan services to Chinese citizens initially in five cities, including Beijing, Shanghai, Shenzhen, Tianjin and Qingdao today. As a result, Chinese citizens can now make deposits and take out mortgage loans either in local or foreign currencies at HSBC China banks. The bank also plans to roll out other services in the near future, including diversified yuan investment products and yuan insurance distribution.  

 Standard Chartered Bank said it will authorize its branches and sub-branches to roll out various yuan products for local customers after getting government approval.  Bank of East Asia and Citibank also confirmed they have successfully passed the audit by the CBRC and it will authorize branches to conduct yuan business. The four banks completed local incorporation in China early this month, as required by the government before they can offer retail yuan-denominated services to mainland clients. lilian.wu@xfn.com