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Permission for foreign-funded banks to offer Renminbi services to Chinese citizens will be approved by the country's government within three months of new regulations taking effect on December 11.  

 

 

An official with the China Banking Regulatory Commission (CBRC) made the comment Tuesday in response to questions from Xinhua.

 

On December 11 new regulations on the administration of foreign-funded banks will take effect and mark the full opening of the country's banking sector to foreign competition. Under the regulations China will allow these banks to conduct Renminbi business for Chinese citizens in line with its commitments to the World Trade Organization (WTO).

 

The government will also remove regional and other restrictions on the banks and give them the same treatment as their Chinese counterparts.

 

The regulations state that branches of foreign banks are not permitted to engage in Renminbi services with Chinese citizens unless an individual, with the approval of the banking regulatory body, makes a fixed minimum deposit of one million yuan (US$127,000).

 

It may take up to a month for these foreign bank branches to receive approval to accept deposits exceeding one million yuan from Chinese citizens, the official said.

 

Foreign-funded banks will receive the same treatment as domestic institutions when acting as insurance agencies. The government sets the same standards for both domestic and foreign banks in terms of registered capital, operating funds, information disclosure and affiliated deals, added the official.

 

A minimum registered capital of one billion yuan and an operating fund of at least 100 million yuan were required for foreign-funded and joint-venture banks, the official said. This is the same as Chinese banks.

 

The government would encourage and guide foreign banks to transform their branches into, or set up, incorporated banks registered in China, said the official. 

 

Since joining the WTO in 2001 China has seen the number of foreign-funded banks growing and their business scope expanding. China has fully opened its foreign exchange business to these banks and permitted 111 foreign financial institutions to offer Renminbi services for Chinese and foreign enterprises in 25 cities.

 

The CBRC data shows the assets of foreign-funded banks in China totaled US$105.1 billion in September. This accounts for 1.9 percent of all banking institutions in the country.

 

(Xinhua News Agency November 29, 2006)