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A guard stands before Chinese Banking Regulatory
Commission. (Xinhua Photo)
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BEIJING, Nov. 16 (Xinhua) -- China will allow
foreign-funded banks to conduct Renminbi business for Chinese citizens before
Dec. 11 in accordance with its commitment to the World Trade Organization,
announced Song Dahan, deputy director of the Legislative Affairs Office of
China's State Council, here Thursday. <<Full Text
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Regulations of People's Republic of China on Administration of Foreign-funded Banks |
BEIJING, Nov. 17 (Xinhua) -- Following is the unofficial translation of the full text of the Regulations of the People's Republic of China on Administration of Foreign-funded Banks.<<Full Text
BEIJING, Nov. 16 (Xinhua) -- The Chinese government is
encouraging foreign banks to incorporate locally and set up subsidiaries to
minimize risks for Chinese customers, a senior official said here Thursday.
China-registered subsidiaries will be corporate entities,
said Song Dahan, deputy director of the Legislative Affairs Office of the State
Council at a press conference here. <<Full Text
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. <<Full Text
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. <<Full Text
BEIJING, Nov. 16 (Xinhua) -- China's State Administration
of Foreign Exchange has granted investment new quotas totaling 400 million U.S.
dollars, bringing the total quotas for qualified foreign institutional investors
(QFII) to nearly 8.65 billion U.S. dollars.
Nomura Securities of Japan was awarded a quota of 300
million U.S. dollars while the Singapore-based United Overseas Bank and the
US-based Standford University each received a 50-million-dollar quota. <<Full Text
BEIJING, Nov. 16 (Xinhua) -- The Taiwan authorities have
emerged as the major obstacle to prevent Taiwan-funded banks from entering the
mainland market, Wang Zhaoxing, assistant chairman of the Banking Regulatory
Commission told a press conference Thursday.
The early entry of Taiwan-funded banks would require
Taiwan authorities to remove legal obstacles. Moreover, a joint memorandum of
understanding must be signed by banking authorities of both sides to tighten
supervision and share information, he noted. <<Full Text
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