BEIJING, Nov. 16 (Xinhua) -- The total assets of foreign-funded banks in China exceeded 100 billion U.S. dollars in September, the China Banking Regulatory Commission (CBRC) announced on Thursday.

    In both Chinese and foreign currencies, the assets of foreign-funded banks in China were worth 105.1 billion U.S. dollars, accounting for 1.9 percent of the total assets of all banking institutions in China.

    The CBRC released the figures in the run-up to the full opening of China's banking industry on Dec. 11, the fifth anniversary of the country's accession to the World Trade Organization (WTO).

    CBRC figures show by the end of September, 14 foreign-funded or joint-venture banks were registered in China, with 17 subsidiary banks or other affiliated institutions.

    The CBRC said 73 banks from 22 countries and regions had set up 191 branches and 61 sub-branches in 24 cities, and 183 banks from 41 countries and regions had set up 242 agencies in 24 cities.

    According to new regulations just released by the Chinese government, the country from next month will lift restrictions on Renminbi and foreign-currency transactions by solely foreign-funded banks and Sino-overseas joint venture banks.

    Chinese branches of foreign banks, however, are banned from engaging in Renminbi services with Chinese citizens unless an individual, having obtained the approval of the banking regulatory body, makes a fixed deposit of no less than one million yuan (some 127,000 U.S. dollars).

    According to CBRC figures, the total deposit and outstanding loans of foreign-funded banks in China was worth 33.4 billion U.S. dollars and 54.9 billion U.S. dollars.

    By the end of September, 25 Chinese cities had opened Renminbi service to foreign-funded banks, and 111 foreign-funded banking institutions had been allowed to engage in Renminbi services.

    Foreign-funded banks' Renminbi services had been growing at an average annual rate of 92 percent since the end of 2001 when China became a WTO member, the CBRC said.

    Since 2001, China has taken a series of measures to gradually open its financial market, including introducing the QFII (qualified foreign institutional investors) scheme in 2003 to allow foreign institutional investors such as UBS, Deutsche Bank and Citigroup Global Markets Limited to engage in the securities business on the Chinese mainland.

    So as to cope increasing challenges from foreign competitors, the country has been boosting forcefully the reform on its state-owned banks that were harassed by high non-performing loan ratios.

    Now three of its four largest state-owned commercial banks have been listed on the stock market after overhauling reforms.

Foreign banks to issue credit card in RMB: CBRC

    BEIJING, Nov. 16 (Xinhua) -- Foreign banks can issue credit cards in RMB after they become locally incorporated banks, said Wang Zhaoxing, assistant chairman of the China Banking Regulatory Commission (CBRC).

    Wang Zhaoxing said at the press conference held here Thursday that the foreign banks are required to have good risk management, risk control system and IT support system to hedge risks in the issuance of credit cards in China.

    Wang said the People's Bank of China, the central bank, will be responsible for the operation and management of the payment system.

    Further details on the issuance of credit cards by foreign banks in China will be clarified in the credit card management regulations to be set soon.