China Gives Licenses to Foreign Banks
China has granted U.S.-based Citibank, HSBC of Britain and two other banks the first licenses for foreign financial institutions to handle Chinese-currency business for domestic companies. The licenses let the banks lend Chinese yuan to private and state-owned Chinese companies.
China has been steadily increasing foreign access to its banking market under a commitment to the World Trade Organization to open its financial industries to outside competitors by 2006.
Also granted licenses this week were Japan’s Mizuho Bank and Hong Kong-based Bank of East Asia.
From Associated Press
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