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Strategies & Market Trends : China Warehouse- More Than Crockery -- Ignore unavailable to you. Want to Upgrade?

To: RealMuLan who wrote (4176)	1/15/2005 1:17:17 AM
From: RealMuLan	Read Replies (1) \| Respond to of 6370

China Says 116 Foreign Banks Licensed For Yuan Business SHANGHAI (Dow Jones)--China's banking regulator said Friday that 116 foreign banks are now approved to offer services in the local currency, the yuan. The China Banking Regulatory Commission said in a statement on its Web site that institutions approved to offer yuan services at some of their branches include units of: HSBC Holdings PLC (HSB), Standard Chartered PLC (STAN.LN), Bank of East Asia Ltd. (0023.HK), Bank of Tokyo-Mitsubishi Ltd. (MBK) and Citigroup Inc. (C). ADVERTISEMENT [AD-IMG] Last month, China opened five new cities to foreign banks to conduct yuan services, boosting the total to 18. The move marked an acceleration in the gradual opening of the country's banking sector that China committed to undertake as part of joining the World Trade Organization in late 2001. Yuan business in Xian and Shenyang was permitted from December, a year earlier than China was committed to opening the cities. At present, foreign banks can only offer yuan services to domestic and foreign companies. China will fully open its local banking market to foreign competition by the end of 2006. -China Bureau, Dow Jones Newswires; (86-21) 6218 3268; djnews.shanghai@dowjones.com (Zheng Xiaolu contributed to this story.) -Edited by Andrew Bullard sg.biz.yahoo.com