HSBC, Citi, StanChart, Bank of E.Asia China units to provide yuan service-UPDATE |
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Tue, 20 Mar 2007 12:15
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BEIJING (XFN-ASIA) - The country's banking regulator said in a statement on its website that it has given the locally incorporated units of HSBC, Citigroup, Standard Chartered and Bank of East Asia, approval to provide yuan services to residents in China, once the units have registered with the relevant government authorities.The four firms' units will offer the services in Shanghai, it said.The regulator added that another eight foreign banks, including Hang Seng Bank, Mizuho Financial Group, Bank of Tokyo-Mitsubishi UFJ, DBS Bank, OCBC, ABN Amro, Wing Hang Bank and JP Morgan have also received approval to set up China incorporated firms.Beijing issued new banking regulations last year requiring foreign banks to incorporate locally in order to provide a full range of services in the China market.( 1 usd = 7.74 yuan )juan.chen@xfn.com
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HSBC, Citigroup, StanChart, Bank of E.Asia China units cleared for yuan services 